The S&P 500 sustained record gains last week, helped by a series of strong earnings reports that showed the spending boom in artificial intelligence is unabated. More revenue is expected next week. Additionally, the job market will also come under scrutiny. The market’s ferocious rally in recent weeks comes despite continued disruptions to global energy supplies in the Middle East. Enthusiasm for AI trade and signs of US economic resilience overcame concerns about soaring oil prices. I can’t take my eyes off this tension. But for now, the bulls are in control. Well, let’s take a look at the three biggest things we’re focusing on this week. 1. Earnings: Three club names are expected to release quarterly results this week. All revenue and EPS estimates are provided by data provider LSEG. Electrical equipment supplier Eaton reported on Tuesday morning. The main theme of this report is the enhancement of AI and the resulting increase in orders for Eaton. In the fourth quarter, Eaton saw an approximately 200% increase in data center orders within its largest Electronics Americas division. Where are those numbers now? Eaton manufactures numerous products used in data centers to provide stable, reliable power to power-hungry server racks. That’s not all. Thanks to a smart acquisition of Boyd Thermal, which closed in March, Eaton is now in the liquid cooling business. This brings them even closer to AI chips. This is clearly where the money is made these days. We look forward to hearing more about Mr. Boyd in the earnings release. Eaton’s backlog will also be a focus. The total amount as of the end of 2025 was $19.6 billion. Earnings are expected to be even stronger in the second half of the year as Eaton increases manufacturing capacity. Revenue: $7.08 billion EPS: $2.74 DuPont also reported Tuesday morning, and one of our biggest focuses will be the performance of its Healthcare & Water Technology division, which will be the company’s most exciting division since spinning off its electronics business last fall to become the independent Qnity. The sector is expected to see substantial mid-digit growth this year. The company’s other reporting unit, Diversified Industrials, is expected to grow in the low single digits, thanks in part to stabilization in U.S. construction activity and strength in the aerospace industry. DuPont is the type of company that investors worry could be hurt by a war-related slowdown in economic activity, so the company’s comments about changes in customer behavior since late February will be valuable. Revenue: $1.67 billion EPS: $0.48 Arm Holdings last reported for the week on Wednesday night. This is Arm’s first financial announcement since March, when it announced an AI-focused central processing unit (CPU) for data centers. This is also the first time since the acquisition of shares on April 20th. This CPU, called the AGI CPU, is sure to be a big topic of discussion at financial results announcements. This marks a strategic shift for the company to design complete chips rather than simply licensing Arm’s instruction set to other chipmakers in exchange for royalties. However, when it comes to the actual quarter, Arm’s revenue will be driven by royalties and license fees since AGI CPUs are not yet on the market. The surge in AI demand should drive significant growth in Arm’s cloud revenue in the fourth quarter of fiscal 2026. One question mark is whether future smartphone royalty flows will be healthy, as rising memory prices are expected to squeeze the market. Morgan Stanley analysts said in a note to clients on Friday that investors are focused on Arm’s fiscal 2027 operating expense trajectory. Morgan Stanley said SoftBank’s contribution to Arm’s licensing revenue is also an area to watch. Last quarter, SoftBank accounted for $200 million of its $505 million in licensing revenue. Revenue: $1.47 billion EPS: $0.58 Non-club earnings reports are worth reporting as they relate to AI trading. Chipmaker AMD reported Tuesday night, as did optical technology supplier and Nvidia partner Lumentum. Coherent, another optical player and Nvidia partner, will announce results Wednesday night. And on Thursday, we’ll hear from CoreWeave, an AI cloud computing provider. Away from the data center, Cardinal Health’s two biggest rivals, Cenkora and McKesson, reported on Wednesday and Thursday, respectively. 2. Corning Investor Day: Fresh off a stronger quarter than its share price decline indicated, Corning will hold an Investor Day in New York on Wednesday. Expect to see many bullish updates as the AI boom increases demand for Corning’s fiber optic technology within data centers. Specifically, Corning has updated its “Springboard” growth plan, which will extend for an additional two years through 2030. Corning’s Springboard plan is currently expected to increase annual sales by $11 billion by 2028. You’ll see where that goal takes you next. We also want to know details about Corning’s long-term supply agreements with three hyperscalers (only Meta is publicly available). Is there anything coming soon? Corning is also expected to announce what it calls a “photonics market access platform,” which could provide insight into the company’s roadmap to not just connect server racks, but to replace copper in server racks with fiber. Finally, Corning’s solar power business, although still relatively small, is growing rapidly and becoming an increasingly important management focus. Achieving diversification away from the data center certainly helps, so even investor days could see some light for a while. CEO Wendell Weeks is scheduled to appear on Jim Cramer’s “Mad Money” on Wednesday night. 3. Jobs, jobs, jobs: The annual monthly labor market report will be released. The Job Openings and Labor Turnover Survey (JOLTS) begins on Tuesday. JOLTS is used to measure the tightness of the job market. A very tight labor market could lead to inflation, but it’s not a big risk at this point. However, note that the JOLTS report runs on a slight lag, so Tuesday’s data will cover the month of March. This week’s other big announcements, ADP’s private pay survey and the government’s official non-farm employment figures for April. A FactSet poll of economists Wednesday morning predicted ADP payrolls would rise by 95,000 jobs in April. The consensus in Friday morning’s nonfarm report was for an additional 60,000 jobs. As Federal Reserve Chairman Jerome Powell said last week, the labor market is showing “increasing signs of stabilization.” We’ll look for more signs like this in future batches of data. Durable Goods and Factory Orders One Week Ahead, Monday, May 4th at 10am ET Before the Bell: Norwegian Cruise Line Holdings (NCLH), Axum Therapeutics (AXSM), CNA Financial (CNA), Hess Midstream (HESM), Crystal Biotech (KRYS), Tyson Foods (TSN), Twist Biosciences (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 5th JOLTS Report at 10am ET ISM Services PMI at 10am ET Census Bureau new home sales before the 10 a.m. ET 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 Bell: Advanced Micro Devices (AMD), Lumentum Holdings (LITE), Supermicro (SMCI), AMC Entertainment Holdings (AMC), Arista Networks (ANET), Astera Labs (ALAB), Hecla Mining (HL), Strategy (MSTR), Occidental Petroleum (OXY), BigBear.ai (BBAI), Tempus AI (TEM), Devon Energy (DVN) ADP Private Payroll Report for Wednesday, May 6 at 8:15 a.m. ET Before the Bell: Walt Disney (DIS), Hut 8 Mining (HUT), Kraft Heinz (KHC), Uber Technologies (UBER), CVS Health (CVS), Amcor (AMCR), Carters (CRI), Cenovus Energy (CVE), Trinity Capital (TRIN), Apollo Global Management (APO), Instacart (CART), EOG Resources (EOG) Afterbell: 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 First unemployment claims open at 8:30 a.m. 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-Fflowers.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), Trade Desk (TTD), Toast (TOST), McKesson (MCK), Cloudflare (NET), Gilead Sciences (GILD), NuScale Power (SMR), DraftKings (DKNG), MP Materials (MP), 10x Genomics (TXG), Block (XYZ), 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 a.m. ET University of Michigan Consumer Sentiment Survey at 10 a.m. ET Before the (tentative) bell: Wendy’s (WEN), Algonquin Power & Utilities (AQN), Douch Corporation (DCH), Enbridge (ENB), Arbor Realty Trust (ABR), AMC Networks (AMCX), Embraer (EMBJ), Plains All American Pipeline (PAA), Plains GP Holdings (PAGP) (Jim Cramer Charitable Trust Long ETN, DD, For a complete list of ARM, GLW, META stocks, go here. ) Subscribers to Jim Cramer’s CNBC Investing Club will receive trade alerts before Jim Cramer makes a trade. 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