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.

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

GM, Ford set to report earnings to a tough crowd on Wall StreetMany remain skeptical about whether their decade-long efforts have succeeded at unchaining them from the U.S. economic cycle
Source: globeandmail - 🏆 5. / 92 Read more »

Gold stocks: key buy zones for actionKitco News' contributed commentary features articles and opinions from some of the top experts in the gold industry.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Bitcoin price will hit $100K in 2023; Stocks, crypto to see 'bull market' - Tone Vays
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Halloween, the dollarization of terror, unsafe havens and stocksThe two investing demons in need of exorcising: ‘the dollarization of terror’ and ‘capitulation’
Source: globeandmail - 🏆 5. / 92 Read more »

U.S. stocks drop as yields keep rising; Pound weakens - BNN BloombergStocks dropped as Treasury yields continued to climb, with traders betting the Federal Reserve will keep raising interest rates until inflation is defeated.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

Asian Stocks Under Pressure, Bond Yields Spike: Markets WrapUS stock futures fluctuated as investors assessed resilient company earnings against an unexpected drop in jobless claims. The pound was firmer and UK bonds climbed as Liz Truss announced she was stepping down as UK prime minister.
Source: BloombergCA - 🏆 73. / 51 Read more »