3 Stock Market Movers This Week

The S&P 500 has continued its impressive streak, driven by robust corporate earnings that underscore the enduring strength of the artificial intelligence spending surge. As more earnings reports are slated for release this week, the market’s focus will also sharpen on key labor market indicators. This recent market rally has persisted despite ongoing geopolitical tensions impacting global energy supplies in the Middle East. The narrative of AI-driven growth and a resilient U.S. economy has, for now, overshadowed concerns about elevated oil prices, though this remains a crucial dynamic to monitor. Presently, the bulls appear firmly in command.

Here are the three most significant developments to watch this week:

**1. Earnings Season Intensifies with Key AI and Industrial Players**

This week features a trio of prominent companies reporting quarterly results, with revenue and EPS estimates sourced from LSEG.

* **Eaton (ETN)**, an electrical equipment supplier, is scheduled to report on Tuesday morning. The central theme for Eaton is the ongoing buildout of artificial intelligence infrastructure and the resultant surge in orders. In the fourth quarter, Eaton observed a remarkable approximately 200% increase in data center orders within its Electrical Americas segment, its largest division. Investors will be keen to see if this explosive growth trajectory continues. Eaton’s product portfolio is critical for data centers, providing reliable and consistent electricity to power-hungry server racks. Furthermore, its recent acquisition of Boyd Thermal, finalized in March, positions Eaton directly within the lucrative liquid cooling market, bringing it even closer to the AI chips themselves. Expect detailed discussions on the Boyd acquisition and its integration during the earnings call. The company’s order backlog, which stood at a substantial $19.6 billion at the close of 2025, will also be a key focus. With Eaton actively expanding its manufacturing capacity, earnings are anticipated to show stronger performance in the latter half of the year.
* Estimated Revenue: $7.08 billion
* Estimated EPS: $2.74

* **DuPont (DD)** also releases its earnings on Tuesday morning. A primary area of interest will be the performance of its Healthcare & Water Technologies segment, which has emerged as the company’s most dynamic following the spin-off of its electronics business into the independent entity Qnity last fall. This segment is projected to achieve mid-single-digit organic growth this year. Its Diversified Industrials unit is expected to deliver low-single-digit growth, supported by a stabilization in U.S. construction activity and strength in the aerospace sector. Given its industrial exposure, investors will be attentive to DuPont’s commentary on any shifts in customer behavior since late February, particularly concerning potential impacts from war-related economic slowdowns.
* Estimated Revenue: $1.67 billion
* Estimated EPS: $0.48

* **Arm Holdings (ARM)** rounds out the week’s notable reports on Wednesday night. This will be Arm’s first earnings call since the March debut of its AI-focused central processing unit (CPU) designed for data centers, and its first since the firm took a stake in the company on April 20. The new AGI CPU is undoubtedly poised to be a significant topic of discussion, marking a strategic pivot for Arm towards designing complete chips rather than solely licensing its instruction set architecture to other chip manufacturers for royalties. For the current quarter, however, Arm’s revenue will continue to be primarily driven by royalties and licensing fees, as the AGI CPU has not yet reached the market. The booming demand for AI is expected to fuel robust growth in Arm’s cloud revenue for its fiscal fourth quarter of 2026. A lingering question for investors is the future trajectory of the smartphone royalty stream, as elevated memory prices are anticipated to put pressure on that market. Analysts at Morgan Stanley have highlighted the trajectory of Arm’s operating expenses in fiscal year 2027 as a key investor focus, along with the contribution of SoftBank to Arm’s license revenues, which was $200 million out of $505 million last quarter.
* Estimated Revenue: $1.47 billion
* Estimated EPS: $0.58

Beyond these “Club” names, several other companies are noteworthy due to their direct ties to the AI ecosystem:

* **Advanced Micro Devices (AMD)**, a key chipmaker, reports on Tuesday night.
* **Lumentum Holdings (LITE)** and **Coherent (COHR)**, both optical technology suppliers and critical partners to Nvidia, are also reporting on Tuesday night and Wednesday night, respectively.
* **CoreWeave**, a leading AI cloud computing provider, will release its results on Thursday.

In the healthcare sector, **Cencora** and **McKesson**, key rivals to Club name **Cardinal Health (CAH)**, are set to report on Wednesday and Thursday, respectively.

**2. Corning’s Investor Day: Unveiling the Future of Connectivity**

**Corning (GLW)**, fresh off a quarter that saw its stock performance outpace its reported results, is hosting its investor day in New York on Wednesday. The AI boom is a significant tailwind for Corning’s fiber-optic technology, which is increasingly integral to data center infrastructure. Investors anticipate updates on its “Springboard” growth initiative, which plans to extend its reach to 2030 and is currently projected to generate an incremental $11 billion in annualized sales through 2028. Further details on long-term supply agreements with hyperscalers, beyond the publicly disclosed Meta agreement, would be highly valuable. Corning is also set to unveil its “Photonics Market-Access Platform,” which may offer insights into its strategy for replacing copper with fiber optics not only for connecting servers but also within server racks themselves. While still a nascent segment, Corning’s solar business is experiencing rapid growth and gaining increasing emphasis from management, providing a valuable diversification away from the data center market. CEO Wendell Weeks will also be a guest on “Mad Money” on Wednesday night.

**3. Labor Market Data Under the Microscope**

The usual slate of monthly labor market reports will provide crucial insights into the health of the U.S. economy.

* The **Job Openings and Labor Turnover Survey (JOLTS)** is due on Tuesday and will offer a gauge of labor market tightness. While a tight labor market can contribute to inflation, it is not currently considered a primary risk. Note that the JOLTS report has a slight lag, with Tuesday’s data reflecting conditions in March.
* The **ADP private payroll survey** on Wednesday morning and the official **U.S. nonfarm payroll report** on Friday morning will provide data for April. Economists polled by FactSet expect ADP to show job gains of 95,000 for April, while the consensus for the nonfarm payroll report is 60,000 additions.
* As Federal Reserve Chair Jerome Powell has indicated, the labor market is exhibiting “more and more signs of stability.” This week’s data will be closely scrutinized for further confirmation of this trend.

**Week Ahead: Key Economic and Corporate Events**

**Monday, May 4**
* Durable Goods and Factory Orders at 10:00 AM ET
* **Before the bell:** Norwegian Cruise Line Holdings (NCLH), Axsome Therapeutics (AXSM), CNA Financial (CNA), Hess Midstream (HESM), Krystal Biotech (KRYS), Tyson Foods (TSN), Twist Bioscience (TWST)
* **After the bell:** Palantir Technologies (PLTR), Transocean (RIG), onsemi (ON), Duolingo (DUOL), BWX Technologies (BWXT), Pinterest (PINS), Ero Copper (ERO), Fabrinet (FN)

**Tuesday, May 5**
* JOLTS Report at 10:00 AM ET
* ISM Services PMI at 10:00 AM ET
* Census Bureau New Home Sales at 10:00 AM ET
* **Before the bell:** DuPont (DD), Eaton (ETN), Shopify (SHOP), PayPal (PYPL), Energy Transfer (ET), Pfizer (PFE), KKR (KKR), Cipher Mining (CIFR), Fiserv (FISV), American Electric Power (AEP), DigitalOcean (DOCN), Harley-Davidson (HOG), Ocular Therapeutix (OCUL), Anheuser-Busch InBev (BUD), GlobalFoundries (GFS), Marathon Petroleum (MPC), Ferrari (RACE)
* **After the bell:** Advanced Micro Devices (AMD), Lumentum Holdings (LITE), Supermicro (SMCI), AMC Entertainment Holdings (AMC), Arista Networks (ANET), Astera Labs (ALAB), Hecla Mining (HL), MicroStrategy (MSTR), Occidental Petroleum (OXY), BigBear.ai (BBAI), Tempus AI (TEM), Devon Energy (DVN)

**Wednesday, May 6**
* ADP Private Payroll Report at 8:15 AM ET
* **Before the bell:** Walt Disney (DIS), Hut 8 Mining (HUT), Kraft Heinz (KHC), Uber Technologies (UBER), CVS Health (CVS), Amcor (AMCR), Carter’s (CRI), Cenovus Energy (CVE), Trinity Capital (TRIN), Apollo Global Management (APO), Instacart (CART), EOG Resources (EOG)
* **After the bell:** Coherent (COHR), IonQ (IONQ), Axon Enterprise (AXON), Arm Holdings (ARM), AppLovin (APP), Dutch Bros (BROS), Fastly (FSLY), Beyond Meat (BYND), Snap (SNAP), Albemarle (ALB)

**Thursday, May 7**
* Initial Jobless Claims at 8:30 AM ET
* **Before the bell:** ACM Research (ACMR), ARKO Corp. (ARKO), Blackstone Secured Lending Fund (BXSL), BlackSky Technology (BKSY), Datadog (DDOG), Iovance Biotherapeutics (IOVA), McDonald’s (MCD), 1-800-Flowers.com (FLWS), GigaCloud Technology (GCT), Planet Fitness (PLNT), TripAdvisor (TRIP), Unity (U)
* **After the bell:** CoreWeave (CRWV), IREN Limited (IREN), Coinbase Global (COIN), Opendoor Technologies (OPEN), Applied Optoelectronics (AAOI), MercadoLibre (MELI), Red Cat Holdings (RCAT), SoundHound AI (SOUN), Affirm Holdings (AFRM), Monster Beverage (MNST), Rocket Lab USA (RKLB), The Trade Desk (TTD), Toast (TOST), McKesson (MCK), Cloudflare (NET), Gilead Sciences (GILD), NuScale Power (SMR), DraftKings (DKNG), MP Materials (MP), 10x Genomics (TXG), Block (SQ), Airbnb (ABNB), Axcelis Technologies (ACLS), Corsair Gaming (CRSR), Expedia (EXPE), Grindr (GRND), HubSpot (HUBS), Innodata (INOD), nLIGHT (LASR), Rocket Companies (RKT), RingCentral (RNG)

**Friday, May 8**
* Nonfarm Payrolls Report at 8:30 AM ET
* University of Michigan Consumer Sentiment Survey (preliminary) at 10:00 AM ET
* **Before the bell:** Wendy’s (WEN), Algonquin Power & Utilities (AQN), Dauch Corporation (DCH), Enbridge (ENB), Arbor Realty Trust (ABR), AMC Networks (AMCX), Embraer (EMBJ), Plains All American Pipeline (PAA), Plains GP Holdings (PAGP)