By Bansari Mayur Kamdar
(Reuters) – Wall Street’s major indexes rose in choppy trading on Monday, as a jump in growth stocks and mega-cap tech companies fueled a rebound from earlier losses caused by concerns over a global slowdown after China’s weak economic data.
As Treasuries yields retreated, high-growth companies, whose valuations are sensitive to rising bond yields, gained. Tesla was up 3%, while Alphabet and Microsoft Corp were up 0.3% each, lifting the Nasdaq.
China’s central bank cut lending rates in a surprise move to revive demand after the economy slowed in July, with Beijing’s Covid zero policy and a housing crisis putting pressure on factory and retail activity.
US-listed shares of Chinese e-commerce giant Alibaba Group Holding Ltd were down 0.6%, while Internet company Baidu Inc down 0.8%.
At 14:34 (GMT), the S&P 500 index gained 0.29%, at 4,292.75 points, while the Dow Jones was up 0.42%, at 33,902.68 points. The Nasdaq Composite technology index rose 0.44% to 13,105.03 points.
(Reporting by Bansari Mayur Kamdar, Susan Mathew and Sruthi Shankar in Bengaluru)
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