(Recasts, adds details, updates prices)
* World stocks down 0.1% at fresh 2-week low
* Nasdaq futures down 1.5%, S&P 500 futures down 0.5%
* Crude oil, metal prices rise on growth outlook
* Expectations of faster growth spur inflation fears
* Eyes on Fed's Powell testimony at 1500 GMT
* Global asset performance:http://tmsnrt.rs/2yaDPgn
By Danilo Masoni
MILAN, Feb 23 (Reuters) - World shares struggled on Tuesday as a rally in commodity-related assets gave in to pressure on heavily weighed tech stocks and investors awaited reassurance from U.S. Federal Reserve Chair Jerome Powell on the path for monetary policy in United States.
European tech stocks .SX8P were on set for their worst day in four months, down 2.7%, and futures on the Nasdaq ESc1 fell 1.5% after losses in stocks like Apple AAPL.O and Tesla TSLA.O dragged the index down 2.5% on Monday.
"The prospect of a less dovish tone from central banks, sparked by rising inflation, is causing stock traders to reduce their exposure to equities, especially overbought sectors like tech," said Pierre Veyret, analyst at ActivTrades in London.
The MSCI world equity benchmark .MIWD00000PUS fell 0.1% to fresh two-week lows by 1138 GMT, having earlier risen on gains in commodity-heavy equity indexes in Asia. S&P 500 futures ESc1 also fell, and were last down 0.5%.
Tesla TSLA.O shares were set to plunge into the red for the year, hit by a fall of bitcoin, in which the electric carmaker recently invested $1.5 billion. ID:nL8N2KT2XN
The level of angst was also reflected in equity volatility gauges .VIX which rose to multi-week highs, while on bond markets German and U.S. yields moved in different directions, even though both remained just below the highs hit on Monday.
After being knocked off from eight-month high by European Central Bank chief Christine Lagarde signalling discomfort with the recent surge in yields, 10-year Bund yields DE10YT=RR resumed their upward trend and were last at -0.297%.
Ten-year Treasury yields US10YT=RR were steady below Monday's one-year high of 1.394% and were last at 1.370%.
Fed Chair Powell is expected to be equally reassuring on the central bank's dovish stance when he gives his congressional testimony at 1500 GMT in Washington.
"If there were already any expectations that Powell could try to calm down rates, then (Lagarde's remarks) have just further cemented them," said Giuseppe Sersale, strategist and fund manager at Anthilia in Milan.
Commodity prices strengthened again.
Oil prices jumped by more than $1 at one point, underpinned by optimism over COVID-19 vaccine rollouts and lower output as U.S. supplies were slow to return after a deep freeze in Texas shut in crude production last week. ID:nL1N2KT03M
"Oil has been caught up in the broader commodities move higher, with a weaker USD proving constructive for the complex," ING strategists led by Warren Patterson said in a note.
"Meanwhile, there is also a growing view that the oil market is looking increasingly tight over the remainder of the year".
Copper prices meanwhile hit a 9-1/2-year high as tight supply and solid demand from top consumer China boosted sentiment. ID:nL1N2KT0BC
In currency markets, the dollar briefly dropped to its lowest since Jan. 13 ahead of Powell's testimony, while commodity-linked currencies hovered near multi-year highs.
<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ World FX rates YTD
http://tmsnrt.rs/2egbfVh Global asset performance
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