Nasdaq futures tumble as rising yields spark tech rout - Reuters

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The Nasdaq logo is displayed at the Nasdaq Market site in Times Square in New York City, U.S., December 3, 2021. REUTERS/Jeenah Moon

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Megacap tech stocks lead declines
Starbucks falls on partnering with Meituan
Goldman Sachs earnings eyed
Futures down: Dow 0.69%, S&P 1.07%, Nasdaq 1.70%

Jan 18 (Reuters) - Futures tracking the technology-heavy Nasdaq 100 index slumped almost 2% on Tuesday as traders returned from a long holiday weekend to position for a more hawkish Federal Reserve ahead of a policy meeting next week.

Rate-sensitive tech stocks came under pressure as two-year Treasury yields , which track short-term rate expectations, crossed 1% for the first time since February 2020.

U.S.-listed megacap tech companies including Google's Alphabet (GOOGL.O), Apple (AAPL.O), Meta (FB.O), Amazon and Microsoft (MSFT.O) were last down between 1.5% and 2.4% in premarket trading.

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Later in the week, a U.S. Senate panel is also set to debate a bill that aims to rein in app stores of companies that some lawmakers say exert too much market control, including Apple and Alphabet's Google. read more

A monthly survey conducted by Deutsche Bank found that a majority of respondents believed U.S. technology stocks are in a bubble as investors remained more bearish on hawkish policy moves and higher yields. read more

The Nasdaq (.IXIC) and the S&P 500 (.SPX) fell for a second straight week as bearish sentiment on tech and disappointing results from big banks weighed on the U.S. indexes just as the earnings season kicked off.

The S&P technology index (.SPLRCT) has declined 4.8% so far since the start of 2022.

At 6:47 a.m. ET, Dow e-minis were down 246 points, or 0.69%, S&P 500 e-minis were down 49.75 points, or 1.07%, and Nasdaq 100 e-minis were down 264.5 points, or 1.7%.

Among banks, Goldman Sachs (GS.N) reports later in the day and Bank of America (BAC.N) and Morgan Stanley (MS.N) will post their fourth-quarter results on Wednesday. Netflix will kick-off reporting among big tech shares on Jan. 20.

Starbucks (SBUX.O) fell 1.2% in premarket trading on partnering with China's dominant food delivery firm, Meituan, to expand its reach in the second-biggest market globally. read more

Airbnb (ABNB.O) dropped 3.8% after Gordon Haskett cut the home rental firm's shares to "hold" and lowered its target price.