US STOCKS-Tech stocks set to push Wall Street higher at open

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* Tesla, Intel fall on weak forecasts due to supply concerns

* Netflix up after Ackman builds new stake

* U.S. economy's 2021 growth best since 1984

* Futures up: Dow 0.13%, S&P 0.33%, Nasdaq 0.44% (Adds comment, updates prices)

By Bansari Mayur Kamdar and Devik Jain

Jan 27 (Reuters) - Wall Street was set to open higher on Thursday, helped by gains in megacap tech-focused firms a day after hawkish comments from the Federal Reserve weighed on markets.

Netflix Inc jumped 4% in premarket trading as billionaire investor William Ackman amassed a new stake in the streaming service company worth more than $1 billion.

Tech-heavy Nasdaq futures rose 0.4%.

Apple, Microsoft, Meta Platforms and Alphabet gained nearly 1% each, with the iPhone maker set to report results after markets close.

U.S. two-year yields, which are sensitive to interest rate expectations, rose to their highest levels since February 2020 after the Fed on Wednesday indicated a rate hike in March and reaffirmed plans to end its bond purchases that month before launching a significant reduction in its asset holdings.

Fed Chair Jerome Powell warned inflation remains above its long-run goal and supply problems are bigger and more long-lasting than previously thought.

Traders priced in nearly five rate increases by December after the Fed announcement, after previously fully pricing for four.

"Market has priced in the rate hikes, (but) they've not completely priced in the quantitative tightening, because we don't know what it's going to be and we don't know the impact," said Thomas Hayes, managing member at Great Hill Capital LLC in New York.

Adding to investor concerns were festering geopolitical tensions in Ukraine. The U.S. said on Wednesday it had set out a diplomatic path to address Russian demands in eastern Europe, as Moscow held security talks with the West and intensified its military build-up near Ukraine with new drills.

The S&P 500 index nosedived in the previous session reversing all its early gains amid volatile trading, flirting with a correction for its third straight session.

The bellwether index would have to close 10% or more below its record closing high reached on Jan. 3, to confirm it entered correction territory. It ended the session 9.3% below that level on Wednesday.

Latest data showed the U.S. economy grew by 6.9% in the fourth quarter, far ahead of economists expectations of 5.5% growth.

Meanwhile, the fourth-quarter earnings season is in full swing with analysts expecting earnings from S&P 500 companies to grow 24.4% year-over-year, according to Refinitiv, as of Wednesday.

Tesla Inc slipped 0.4% after warning that supply chain issues will last throughout 2022, while chipmaker Intel Corp fell 2.9% on a downbeat first-quarter earnings forecast due to global supply chain problems.

At 8:38 a.m. ET, Dow e-minis were up 43 points, or 0.13%, S&P 500 e-minis were up 14.25 points, or 0.33%, and Nasdaq 100 e-minis were up 62.5 points, or 0.44%.

Digital workflow company ServiceNow Inc gained 10.7% after reporting upbeat revenue and profit for the fourth quarter, helped by strong subscription growth. (Reporting by Bansari Mayur Kamdar and Devik Jain in Bengaluru; Editing by Shounak Dasgupta)