Stock market today: Live updates

Shares in Aozora Bank tumbled to their lowest level in eight months after the Japanese bank warned of a fiscal-year net loss due to its exposure to U.S. commercial real estate loans.

“Due to higher U.S. interest rates and a shift to remote work accelerated by COVID-19, the U.S. office market continues to face adverse conditions combined with extremely low liquidity,” the bank said in a profit warning on Thursday.

“While price discovery is anticipated to eventually improve with a gradual increase in office transactions on the back of an expected return-to-office movement as well as a pause in the rise in U.S. interest rates, our view is that it may take another year or two for the market to stabilize,” the bank added.

Aozora shares sank by as much as 21.5% to 2,557 yen (about $17.41), set for its lowest closing level since May 31.

— Clement Tan

The Caixin China manufacturing PMI came in at 50.8 in January, according to a release on Thursday, after also coming in at 50.8 in December. This was better than the median expectation for 50.6 among economists that Reuters polled. The 50-point mark separates expansion from contraction.

This was a third-straight monthly expansion in China’s factory activity, extending a divergence with official data that points to the patchy growth in the world’s second-largest economy and underscores the need for policy support.

China’s National Bureau of Statistics released data Wednesday that showed the country’s official manufacturing PMI coming in at 49.2 in January, a fourth consecutive monthly contraction — compared with 49 in December.

Please read the full story for more.

— Clement Tan

Data showed South Korea’s exports rose by the most in 21 months.

South Korean exports rose 18% year-over-year to $54.69 billion last month, much higher than a 5% in December. The reading also topped a Reuters poll expectation of a 17.8% rise.

January exports were the biggest percentage rise since May 2022.

Following a year of downturn, South Korea’s exports have been growing since October.

Data also showed imports falling 7.8% in January, after a 10.8% drop in December. A Reuters poll of economists expected a 7.6% fall. It was the slowest pace since March 2023.

— Shreyashi Sanyal

Check out the companies making headlines in after-hours trading.

• Qualcomm — Qualcomm shares fell 2% even after the chipmaker posted fiscal first-quarter results that beat expectations. Adjusted earnings per share of $2.75 were better than the $2.37 per share consensus estimate by LSEG, formerly known as Refinitiv. Adjusted revenue came in at $9.92 billion, topping the $9.52 billion expected by analysts.
• Align Technology — Shares popped 10% after Align Technology reported fourth-quarter results that surpassed estimates on the top and bottom lines. The orthodontics company reported adjusted earnings of $2.42 per share on revenue of $957 million. Analysts polled by LSEG were anticipating earnings of $2.18 per share on revenue of $934 million. Align also issued a rosy forecast for first-quarter revenue.
• Wolfspeed — Wolfspeed shares slid almost 2% after the semiconductor maker issued weak revenue guidance for the fiscal third quarter. Wolfspeed is calling for revenue of $185 million to $215 million, while analysts polled by FactSet sought revenue of $222.6 million. The company posted a narrower-than-expected loss and beat on revenue for the most recent quarter.

Read the full list here.

— Sarah Min

Jobless claims is expected to have totaled 214,000 for the week ending Jan. 27, according to economists polled by Dow Jones. That’s in line with the prior week when jobless claims also amounted to 214,000.

The data is due out 8:30 a.m. ET on Thursday.

— Sarah Min

Interest rate cut expectations were pushed out Wednesday after Federal Reserve Chair Jerome Powell said it’s unlikely the central bank will lower rates in March.

Currently, markets are still pricing in a 36% chance the central bank will cut by a quarter percentage point in March, down from a 40.4% chance in the previous day, according to the CME FedWatch Tool.

Meanwhile, the chances of a quarter percentage point rate cut in May rose to a 58% probability, up from 54% on Tuesday.

— Sarah Min

S&P 500 futures opened little changed Wednesday night.

Dow Jones Industrial Average futures were flat. S&P 500 futures and Nasdaq 100 futures rose 0.05% and 0.15%, respectively.

— Sarah Min