Stock futures inch lower after S&P 500 notches fresh all-time high: Live updates

Alibaba traded more than 5% higher after the Chinese e-commerce giant reported quarterly results that beat analyst expectations.

Net income for the company came in at 48.945 billion yuan in the quarter ended Dec. 31 on revenue of 280.154 billion yuan. Analysts polled by LSEG expected net income of 40.6 billion yuan on revenue of 279.34 billion yuan.

“This quarter’s results demonstrated substantial progress in our ‘user first, AI-driven’ strategies and the re-accelerated growth of our core businesses,” said Alibaba CEO Eddie Wu in a statement.

— Fred Imbert

Asia-Pacific markets fell Thursday, as investors weighed U.S. President Donald Trump’s proposed tariffs on autos, chips and pharmaceutical imports as well as the Federal Reserve potentially keeping rates higher for longer.

Japan’s benchmark Nikkei 225 and broader Topix index ended the day in negative territory for the second day. The Nikkei 225 closed 1.24% lower at 38,678.04, while the broader Topix index fell 1.18% to 2,734.60.

The yen rose to a more than two-month high of 150.52 per U.S. dollar earlier in the day amid bets of more rate hikes by the Bank of Japan this year.

In South Korea, the Kospi closed down 0.65% at 2,654.06, while the small-cap Kosdaq lost 1.28% to end the day at 768.27.

Mainland China’s CSI 300 dipped 0.29% to close at 3.928.90, while Hong Kong’s Hang Seng Index fell 1.60% to 22,576.98.

Australia’s S&P/ASX 200 declined for the fourth straight day. The index closed 1.15% lower at 8,322.80.

The country’s seasonally adjusted unemployment rate rose to 4.1% in January, in line with Reuters’ estimates.

Indian stocks were also in negative territory, with the Nifty 50 down 0.15%, while the BSE Sensex index fell 0.31% as at 2.15 p.m. local time.

— Amala Balakrishner

European stocks were mixed early Thursday as positive momentum that has carried the Stoxx 600 index to a run of record highs this month wanes.

The index was choppy in early deals, though 0.12% higher by 8:34 a.m. in London.

The U.K.’s FTSE 100 was down 0.29% as France’s CAC 40 rose by 0.44%.

U.S. President Donald Trump said during his remarks at the FII Priority Summit in Miami Beach, Fla., on Wednesday that he’s thinking of sending 20% of the money saved by the Department of Government Efficiency (DOGE) to Americans.

“There’s even under consideration a new concept where we give 20% of the DOGE savings to American citizens and 20% goes to paying down debt,” Trump said during his speech at the event.

The president’s comments come just a day after Elon Musk said in a post on X that he “Will check with the President” on a proposal to send U.S. households tax refund checks from the money saved by DOGE.

— Sean Conlon

Some stocks are making big moves in extended trading:

• Klaviyo — The software company surged almost 6% after fourth-quarter results topped Wall Street expectations. Klaviyo posted adjusted earnings of 7 cents per share on $270 million in revenue, above the 6 cents per share and $257 million in revenue that analysts surveyed by LSEG were estimating.
• IMAX — The large screen, high-resolution and surround sound movie company slid nearly 5% following weaker-than-expected fourth-quarter earnings and revenue. IMAX earned 27 cents per share on $93 million in revenue in the latest quarter, below the consensus estimate of 28 cents per share and $103 million in revenue, according to LSEG.
• BioMarin Pharmaceutical — Shares gained more than 7% on the heels of stronger-than-expected fourth-quarter earnings, when BioMarin earned 64 cents per share on $747 million in revenue, while analysts polled by FactSet had penciled in 53 cents per share on $712 million in revenue.

Read here for the full list.

— Sean Conlon