* Wall Street drops, tech-heavy Nasdaq tumbles 3%
* 10-yr U.S. yield tops 1.75% as investors digest Fed
* Oil plunges 7% as dollar strength also weighs
*
(Rewrites throughout for Asia open)
By Elizabeth Dilts Marshall
NEW YORK, March 18 (Reuters) - Asian stocks are set to open mostly lower on Friday, pressured by U.S. Treasury yields that rose to 14-month highs overnight and oil prices, which fell by their biggest one-day declines since last summer.
Australia's S&P/ASX 200 index .AXJO lost 0.21% in early trading, and Hong Kong's Hang Seng index futures .HSI HSIc1 lost 0.72%.
In Japan, where the central bank will meet on Friday, the Nikkei 225 futures NKc1 added 0.08%. E-mini futures for the S&P 500 EScv1 rose 0.21%.
The yield on the U.S. 10-year Treasury note on Thursday rose above 1.75% for the first time in 14 months after the Federal Reserve pledged to look past inflation and keep interest rates near 0% until at least 2024, then ticked lower after the release of mixed economic data. jump in yields accelerated a move out of growth stocks with the tech-heavy Nasdaq falling more than 3%. .N
The benchmark S&P 500 .SPX fell from record highs while MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.71%.
Oil prices tumbled, falling for a fifth day in a row, on growing worries about rising COVID-19 cases in Europe as several large economies have had to reimpose lockdowns. prime minister imposed a month-long lockdown on Paris and parts of the north after a faltering vaccine rollout and spread of highly contagious coronavirus variants forced President Emmanuel Macron to shift course. rally in the dollar, which was supported by higher U.S. bond yields, also pressured oil prices, as a stronger dollar makes oil more expensive for holders of other currencies.
Brent crude futures LCOc1 settled down $4.72, or 6.9%, at $63.28 a barrel, while U.S. crude oil futures CLc1 settled at $60 a barrel, down $4.60, or 7.1%.
On Wall Street, the Dow Jones Industrial Average .DJI fell 153.07 points, or 0.46%, to 32,862.3, the S&P 500 .SPX lost 58.66 points, or 1.48%, to 3,915.46 and the Nasdaq Composite .IXIC dropped 409.03 points, or 3.02%, to 13,116.17.
The pan-European STOXX 600 index .STOXX rose 0.40%.
Benchmark 10-year notes US10YT=RR last fell 21/32 in price to yield 1.7135%, from 1.641% late on Wednesday.
The U.S. dollar rallied across the board, as higher Treasury yields helped it recoup losses from the previous session. dollar index =USD rose 0.482%, with the euro EUR= up 0.02% to $1.1917.
The Australian dollar rose 0.08% versus the greenback at $0.776.
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http://tmsnrt.rs/2jvdmXl Global currencies vs. dollar
http://tmsnrt.rs/2egbfVh Emerging markets
http://tmsnrt.rs/2ihRugV MSCI All Country World Index Market Cap
http://tmsnrt.rs/2EmTD6j Rising U.S. Treasury yields
https://tmsnrt.rs/3cNEpX5
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