Stock market today: Live updates

U.S.-listed shares of Deutsche Bank dropped more than 5% following a spike in credit default swaps. Credit default swaps — a form of insurance for a company’s bondholders against its default — leapt to 173 basis points on from 142 basis points.

The move comes as concerns over the global banking system persisted. Earlier this month, Swiss regulators forces a UBS acquisition of rival Credit Suisse to shore up the country’s banking industry.

— Elliot Smith, Fred Imbert

Japan’s factory activity for March has risen slightly, but still remained in contraction territory for the fifth straight month, a flash estimate from au Jibun Bank showed.

The manufacturing purchasing managers’ index climbed to 48.6 from 47.7 in February, its first rise since March 2022.

A PMI reading above 50 indicates expansion, while a reading below 50 signals contraction in growth.

But the estimate for Japan’s services sector came it at 54.2 for March, slightly above the 54.0 print for February, and the strongest reading since October 2013.

— Lim Hui Jie

Hong Kong Monetary Authority Chief Executive Eddie Yue said Hong Kong sees “little impact” from the fallout of the global banking sector turmoil.

“I would say that the recent events in the U.S. and Europe has very little impact on Hong Kong,” Yue said in a briefing, adding that Hong Kong’s banks have “only very limited exposures to all the banks that are now featured in the newspapers” without naming them.

Noting that the situation has “largely stabilized,” Yue emphasized that he will be monitoring for potential changes ahead.

“The liquidity has been extended, but whether there will be further changes, we will need to monitor,” Yue said. “We, of course, the banks in Hong Kong or the banks around the world will have to get prepared if there should be more volatility coming into the market,” he said.

– Vivian Kam, Jihye Lee

Direct-to-consumer fashion company Torrid gained nearly 9% after the bell as investors cheered better-than-expected earnings and overlooked underwhelming forward guidance.

Torrid posted an earnings per share loss of 4 cents in the fourth quarter, a smaller drop than the 7 cents expected by analysts polled by FactSet. Comparable store sales were down less than anticipated, while revenue for the quarter came in at $301.2 million compared with the $292.1 million expected by analysts.

Forward guidance from the company did not stack up as well. For the first quarter, adjusted EBITDA was guided to between $35 million and $40 million despite analysts expecting $42.5 million. Torrid said to expect first-quarter revenue to come in between $305 million and $313 million, below the consensus estimate of $314.5 million.

Adjusted EBITDA for the full-year was guided to between $140 million and $152 million, also under the expectation of $153 million. But the company said to expect revenue for the full year between $1.265 billion and $1.32 billion, above the $1.26 billion anticipated.

— Alex Harring

Investor pessimism in the latest weekly survey from the American Association of Individual Investors edged closer to 50%, rising to 48.9% of those polled from 48.4% last week. Bullish opinion improved to 20.9% from 19.2%, while neutral sentiment narrowed to 30.2% from 32.4%.

The survey asks investors what their outlook is for stocks over the next six months, and is regarded as contrarian indicator. High bullish readings are associated with more risk in the market, while high bearish numbers are thought to correlate to less risk.

“Optimism is at an unusually low level for the fifth consecutive week and the 45th time out of the past 64 weeks,” AAII said.

Meanwhile, the Investors Intelligence weekly survey of financial newsletter editors found bulls falling to 39.7% from 40.3% last week; bears growing to 28.8% from 27.8%; and the percentage of editors expecting a correction dipping a fraction, to 31.5% from 31.9%.

— Scott Schnipper

With just Friday’s session remaining in the trading week, the three major indexes are on track to close higher.

The Nasdaq Composite has seen the biggest gain so far this week, up 1.4% as investors bet the end of the Federal Reserve’s rate hiking campaign could be near.

Meanwhile, the Dow and S&P 500 are both poised for 0.8% advances this week.

— Alex Harring

Oxford Industries lost 5.5% in extended trading after the Tommy Bahama, Lilly Pulitzer and Southern Tide parent offered weak first-quarter guidance when reporting earnings.

The company said to expect between $3.60 and $3.80 in earnings per share for the first quarter, under the $4.09 consensus estimate of analysts polled by FactSet. It said to expect between $405 million and $425 million in revenue, while analysts anticipated $411.5 million.

For the full year, Oxford Industries guided per-share earnings to come in between $11.50 and $11.90, in line with analysts’ estimate of $11.82. And the company set its expectation for full-year revenue at between $1.62 billion and $1.66 billion, which is above the $1.60 billion anticipated by Wall Street.

Oxford Industries beat the consensus estimates of analysts polled by FactSet for per-share earnings and revenue in the fourth quarter. Revenue came in at $382.5 million against $378.7 million expected, while per-share earnings were 14 cents higher than the estimate at $2.28.

— Alex Harring