What to Expect in the Week Ahead (Earnings from Circle, Nebi…
• The April CPI report will be the key macro driver, as a softer reading could reignite optimism for easier Federal Reserve monetary policy in 2026.
• Driven by AI-linked names, the Nasdaq and S&P 500 hit record highs, with technology soaring 7% for the week as enthusiasm for semiconductor and data center stocks remains the dominant market force.
📆Earnings & Economic Calendar
Driven by AI-linked names, both the Nasdaq Composite and the S&P 500 reached new intraday highs and closed at record levels on Friday. Technology was the best-performing sector in the S&P 500 for the week, soaring 7%. The broader index gained 2.3%.
Enthusiasm for semiconductor and data center stocks remains the dominant force driving the market. Next week will reveal whether investors will continue to reward virtually any positive news tied to AI.
Constellation Energy kicks off the week, with investors focused on its role in supplying clean power — including nuclear energy — to AI infrastructure.
Circle is scheduled to release its first-quarter earnings on Monday before the market opens, following a nearly 20% surge in its share price just days earlier. That jump came after a major regulatory breakthrough for stablecoins, which eliminated a significant uncertainty looming over the company’s business model.
Data: Existing Home Sales (April)
On the earnings front, Qnity Electronics — which spun off from DuPont last fall — reports in the morning. Cramer notes the stock has already rallied thanks to its role in supplying semiconductor materials, but believes strong results could justify the move.
Sportswear names On Holding and Under Armour also report. While management turnover at On has raised concerns, Under Armour’s turnaround is gaining traction.
The Consumer Price Index (CPI) report could shape expectations for future Federal Reserve rate cuts. A softer reading may reignite optimism around easier monetary policy in 2026.
Nebius reports in the morning. The cloud infrastructure company recently received a $2 billion investment from Nvidia, which Cramer believes underscores the intensifying AI race among Nvidia, Amazon, and Alphabet.
After the bell, networking giant Cisco Systems reports following a sharp rally tied to its data center exposure.
Data: 8:30 a.m. Producer Price Index (April)
Semiconductor equipment maker Applied Materials reports after the bell. The market expects the company to benefit from overwhelming demand for chipmaking machines.
8:30 a.m. Export Price Index (April)
8:30 a.m. Import Price Index (April)
8:30 a.m. Initial Claims (May 9)
8:30 a.m. Retail Sales (April)
10:00 a.m. Business Inventories (March)
5:45 p.m. New York Fed President and CEO John Williams participates in a moderated discussion: “A Conversation with New York Fed President John C. Williams”
Friday should be quieter as the market enters a slower stretch of earnings.
9:15 a.m. Industrial Production (April)
Intel’s stock surged to record highs last week, capping a historic weekly gain, driven by a groundbreaking report from The Wall Street Journal stating that the company had reached a preliminary chip manufacturing deal with Apple. This was complemented by a strong Q1 2026 earnings report where Intel crushed analyst estimates, alongside confirming increased cooperation with AI firm SambaNova, reinforcing CEO Lip-Bu Tan’s narrative of a successful turnaround.
Rocket Lab shares skyrocketed following a powerful combination of an analyst upgrade and exceptional operational results, with Craig Hallum and TD Cowen lifting price targets significantly. The company reported record Q1 revenue of $200.35 million, well above estimates, announced its largest launch contract ever (covering multiple Neutron and Electron missions), and secured a 30 million dollar defense contract with Anduril for hypersonic testing, pushing its backlog past 2.2 billion dollars.
Micron’s stock movement was defined by a divergence between bullish long-term AI narratives and immediate profit-taking or insider selling signals. While the company shipped a new 245TB SSD and analysts highlighted an impending AI memory supercycle, the stock faced pressure due to CEO Sanjay Mehrotra selling over 21 million dollars worth of shares and general concerns that the stock was technically overbought following its massive rally.
Heading into its highly anticipated earnings report, Nvidia stock found support from strategic ecosystem moves and infrastructure commentary, specifically a partnership with IREN to deploy 5 gigawatts of AI infrastructure and strong April sales data from key supplier TSMC. However, gains were capped by geopolitical risks involving reports that U.S. authorities were investigating the potential smuggling of Nvidia chips to China via Thailand.
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