Growth stocks lift Wall Street out of slowdown worries; energy shares down

China cuts key rates as economic data disappoints; energy shares down as oil tumbles on demand worries; yields slip on renewed global slowdown concerns

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