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* China cuts key rates as economic data disappoints
* Energy shares down as oil tumbles on demand worries
* Yields slip on renewed global slowdown concerns
* Indexes up: Dow 0.33%, S&P 0.20%, Nasdaq 0.33%
Aug 15 (Reuters) - Wall Street's main indexes gained in
choppy mid-day trading on Monday as a jump in megacap growth and
technology stocks powered a recovery from early losses on
slowdown worries after China's weak economic data.
As U.S. Treasury yields pulled back, high-growth companies,
whose valuations are sensitive to rising bond yields, gained.
Tesla added 3%, while Alphabet and Microsoft
Corp gained 0.3% each, lifting the Nasdaq.
"We remain for the most part in a Teflon market where bad
news is being shrugged off," said Michael James, managing
director of equity trading at Wedbush Securities in Los Angeles.
China's central bank cut key lending rates in a surprise
move to revive demand after the economy unexpectedly slowed in
July as Beijing's zero-COVID policy and a property crisis
squeezed factory and retail activity.
U.S.-listed shares of China's e-commerce giant Alibaba Group
Holding Ltd slipped 0.6%, while those of internet firm
Baidu Inc fell 0.8%.
Energy stocks traded 1.9% lower as crude prices
tumbled on concerns over demand in China, the world's largest
importer of oil.
Exxon Mobil Corp, Chevron Corp, Halliburton
Co and Marathon Oil Corp were all down between
1.9% and 3.3%.
At 12:21 p.m. ET, the Dow Jones Industrial Average
was up 111.71 points, or 0.33%, at 33,872.76, the S&P 500
was up 8.41 points, or 0.20%, at 4,288.56, and the Nasdaq
Composite was up 43.50 points, or 0.33%, at 13,090.68.
Investors have been optimistic after a recent batch of data
raised hopes the Federal Reserve could achieve a soft landing
for the economy, helping the S&P 500 recover half of its losses
this year in the last few weeks.
"Expectations remain that at least for those in the bullish
camp, we've seen peak inflation, the Fed is not going to raise
rates anywhere near as aggressively once we get past September
and six plus months from now, the economy is going to be on a
much better footing," Wedbush's James said.
Toward the end of the last week, the benchmark index and the
Nasdaq posted their fourth straight week of gains even as Fed
officials pushed back expectations of an end to rate hikes
sooner than anticipated and economists warned inflation could
return in the coming months.
Of the 456 companies in the S&P 500 that have reported
earnings as of Friday, 77.6% have topped expectations, according
to Refinitiv data.
Investors are bracing for quarterly reports from big
retailers this week, with comments from Walmart Inc and
Target Corp likely to set the tone for the sector that
is facing the brunt of weak demand.
Nexstar Media Group, the largest local TV station
owner in the United States, declined 1.3% after saying it will
acquire a majority stake in the CW Network, home to popular
shows such as "Riverdale" and superhero show "The Flash".
Declining issues outnumbered advancers for a 1.12-to-1
ratio on the NYSE. Advancing issues outnumbered decliners by a
1.10-to-1 ratio on the Nasdaq.
The S&P index recorded five new 52-week highs and 29 new
lows, while the Nasdaq recorded 54 new highs and 24 new lows.
(Reporting by Bansari Mayur Kamdar, Susan Mathew and Sruthi
Shankar in Bengaluru; Editing by Shounak Dasgupta and Arun