5 Things to Know

5 things to know before the stock market opens Friday

1. Nasdaq set to fall as tech stocks slump on rising bond yields

A man walks in front Nasdaq building at Times Square on March 10, 2021, in New York.
John Smith | Corbis News | Getty Images

Nasdaq futures fell about 200 points or 1.5% on Friday, one day after the tech-heavy index soared 329 points, or 2.5%, on gains in the likes of Apple, Facebook and Google-parent Alphabet. However, as bond yields ticked back up Friday, tech stocks resumed their recent slide. The Dow Jones Industrial Average was set to rise and the S&P 500 was set to fall after both benchmarks closed at record highs Thursday, as expectations for an economic bump from the new $1.9 trillion coronavirus relief package boosted sentiment on Wall Street.

2. 10-year Treasury yield rebounds back to near one-year high

The stock market, especially tech names, has been held hostage by the bond market. Recently, when yields rise tech stocks fall and when yields fall tech stocks rise. The 10-year Treasury yield, which moves inversely to price, rose to around 1.6% on Friday, back toward recent one-year highs. The 10-year yield reached as high as 1.62% earlier this month before retreating. Higher interest rates erode the value of growth companies' future profits, compressing their stock valuations. Tame consumer inflation put a lid on bond yields Thursday. The government on Friday reported producer prices for February rose 0.5%, matching expectations.

3. Biden directs states to make all adults eligible for Covid vaccines by May 1

President Joe Biden gestures as he speaks on the anniversary of the start of the Covid-19 pandemic, in the East Room of the White House in Washington, DC on March 11, 2021.
Mandel Ngan | AFP | Getty Images

President Joe Biden is directing states to make all adults eligible for the coronavirus vaccines by May 1. In his first prime-time address, he also said Thursday that Americans should hopefully be able to gather in small groups to celebrate the Fourth of July. Biden's speech came exactly one year after the pandemic was declared and a year after ex-President Donald Trump's address announcing temporary travel suspensions to the U.S. from Europe. At the time, Trump downplayed the coronavirus. In contrast, Biden on Thursday night stressed that Covid still presents a serious danger. He spoke hours after signing into law the recently passed $1.9 trillion Covid relief bill.

4. Novavax's vaccine 96% effective against original coronavirus

A woman holds a small bottle labeled with a "Coronavirus COVID-19 Vaccine" sticker and a medical syringe in front of a Novavax logo in this illustration taken Oct. 30, 2020.
Dado Ruvic | Reuters

Novavax's Covid-19 vaccine was 96% effective in preventing cases caused by the original version of the coronavirus in a late-stage trial conducted in the U.K. Shares of Maryland-based Novavax surged 20% in Friday's premarket. There were no cases of severe illness or death among those who got the two-shot vaccine. It was also about 86% effective in protecting against the more contagious virus variant first discovered in the U.K. However, the vaccine was only around 55% effective in a separate, smaller trial in South Africa, where another newer, more contagious strain originated.

5. Netflix is testing a crackdown on password sharing

Detail of a man's hand scrolling through Netflix on an Apple iPad Pro, taken on March 6, 2020.
Phil Barker | Future Publishing | Getty Images

Netflix, which has never made a big deal about password sharing, is testing a new policy that prompts some users to sign up for a separate account if they're not watching with the subscriber. "This test is designed to help ensure that people using Netflix accounts are authorized to do so," the company said in a statement, while noting that it tries "hundreds" of tests a year with select customers. About 33% of all Netflix users share their password with at least one other person, according to research firm Magid.

— Reuters contributed to this report. Get the latest on the pandemic with CNBC's coronavirus blog.