The S & P 500 kept its record run alive last week, boosted by a strong batch of earnings reports that showed the artificial intelligence spending boom isn’t slowing down. Even more earnings are on the way in the coming week. Plus, the jobs market will be under the microscope. The market’s blistering rally in recent weeks has occurred despite continued disruptions to global energy supplies in the Middle East. Enthusiasm for the AI trade and signs of a resilient U.S. economy have triumphed over worries about elevated oil prices. This tension remains something to keep an eye on. But at the moment, the bulls are in control. Now, let’s get into the three biggest things on our radar this week. 1. Earnings: A trio of Club names are set to deliver quarterly results this week. All revenue and EPS estimates are courtesy of data provider LSEG. Electrical equipment supplier Eaton reports on Tuesday morning. The main theme of this report is the AI buildout and the resulting order growth for Eaton. In the fourth quarter, Eaton saw a roughly 200% increase in data center orders within its Electrical Americas segment, its largest. Where will that figure be this time around? Eaton makes a bunch of products used in data centers that collectively feed the power-hungry server racks with consistent and reliable electricity. That’s no longer all. Thanks to a wise acquisition of Boyd Thermal, which closed in March, Eaton is now in the liquid cooling business. This moves them even closer to the AI chips — obviously a lucrative place to be these days. We expect to hear more about Boyd on the earnings call. Eaton’s order backlog will be another focus. It totaled $19.6 billion at the end of 2025. With Eaton ramping up manufacturing capacity, earnings this year are expected to be stronger in the second half of the year. Revenue : $7.08 billion EPS : $2.74 DuPont also reports Tuesday morning, and one of our biggest focuses will be on the performance of its Healthcare & Water Technologies segment, the company’s most exciting since spinning off its electronics business last fall into the standalone Qnity . That segment is expected to see mid-digits organic growth this year. Its other reporting unit, called Diversified Industrials, is projected to grow low single digits, helped in part by a stabilization in U.S. construction activity and aerospace strength. DuPont is the kind of company that investors worry could be hurt by war-related slowdowns in economic activity, so the company’s commentary on any changes to customer behavior since late February will be valuable. Revenue : $1.67 billion EPS : $0.48 Arm Holdings is our final report of the week on Wednesday night. This will be Arm’s first earnings call since debuting its AI-focused central processing unit (CPU) for data centers in March — and its first since we took a stake on April 20. No doubt, the CPU, dubbed the AGI CPU, will be a big conversation on the earnings call, as this marks a strategic shift for the…
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