Stocks shake off a weak start, turn higher on Wall Street

The benchmark S&P 500 rose 0.5% early Friday, while the Dow Jones Industrial Average was up a bit more. The Nasdaq was little changed. Social media companies were broadly lower after Snapchat's parent company issued a weak outlook and the Washington Post reported that Elon Musk plans to slash about three-quarters of the payroll at Twitter after he buys the company. The yield on the 10-year Treasury note rose to 4.

A Delaware judge has given Musk and Twitter until Oct. 28 to work out details of the proposed $44 billion deal. Otherwise, there will be a trial in November.For the second quarter in a row, Snap is opting not to issue a forecast as advertisers on its Snapchat platform continue to slash budgets in the midst of decades-high inflation and soaring interest rates.

Snap has lost more than three-quarters of its value this year while Meta shares are down more than 60%.Britain's FTSE 100 shed 0.9% as the Conservative Party was preparing to replace Liz Truss as prime minister within a week after she resigned on Thursday after a turbulent 45-day term, conceding that she could not deliver on her tax-cutting economic plans.

In other developments, Japan's core consumer prices rose 3.0% in September from a year earlier, according to government data released Friday. That was the highest increase in eight years. It would also have been the highest in more than 30 years if the impact of introducing and raising the consumption tax was excluded.

Japan's benchmark Nikkei 225 declined 0.4% to finish at 26,890.58. Australia's S&P/ASX 200 shed 0.8% to 6,676.80. South Korea's Kospi edged down 0.2% to 2,213.12. Hong Kong's Hang Seng fell 0.4% to 16,211.12, while the Shanghai Composite gained 0.1% to 3,038.93. Shares rose 0.1% in Mumbai.

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