(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.) * Simon Property drops after results * L Brands falls on plans to split into two public cos * Energy stocks fall as oil prices slide * Futures down: Dow 0.86%, S&P 1.28%, Nasdaq 1.98% (Adds comment, details; updates prices) May 11 (Reuters) - Wall Street’s main indexes were set to open sharply lower on Tuesday, signaling another day of losses for technology-related stocks with lofty valuations on worries over inflation. The outperformers of 2020, Apple, Facebook Inc , Amazon.com Inc, Netflix Inc and Google-parent Alphabet Inc dropped between 1.7% and 2.8% in premarket trading, while Tesla Inc fell nearly 8%. Since the start of May, the 10-member NYSE FANG+TM index , which includes the core FAANG group of stocks alongside Tesla, Alibaba, and Twitter Inc, have shed more than $442 billion in market value as of May 10. The yield on benchmark U.S. 10-year Treasury note ticked up to 1.604% ahead of consumer price index report on Wednesday, with investors fearing a strong reading could prompt the Federal Reserve to alter its ultra loose monetary policy. “We’ve seen a spike in commodity prices, economic data has been very strong and an uptick in rates has really pressured the technology complex,” said Dan Eye, head of asset allocation and equity research, Fort Pitt Capital Group. “If you’re valuing a high-growth company based on its earnings ten years out, those earnings into the future are worth a lot less today at higher inflation levels.” In a late session reversal on Monday, inflation jitters drove investors away from growth stocks to cyclicals, which benefit the most as the economy reopens, resulting in the S&P 500 logging its worst day in nearly eight weeks. At 8:29 a.m. ET, Dow e-minis were down 297 points, or 0.86%, S&P 500 e-minis were down 53.75 points, or 1.28%, and Nasdaq 100 e-minis were down 265 points, or 1.98%. Simon Property Group Inc fell 3.7% after the U.S. mall operator said it does not expect a return to 2019 occupancy levels until next year or 2023, as it looks to play hardball in rent negotiations with tenants. L Brands Inc fell 3% after the company said it plans to split itself into two publicly traded companies, Bath & Body Works and Victoria’s Secret, after the retailer decided against a sale of the lingerie brand. Energy stocks including Occidental Petroleum Corp, APA Corp and Chevron Corp fell between 1.3% and 4% as oil prices declines sharply. Reporting by Medha Singh and Sruthi Shankar in Bengaluru, graphics by Caroline Valetkevitch in New York; Editing by Arun Koyyur Our Standards: The Thomson Reuters Trust Principles.