The bull market has expanded beyond technology, and a number of upcoming Investor Days, Analyst Days, and business updates across non-tech sectors may provide valuable insight into the health of the broader, Main Street economy. Improving manufacturing sentiment creates a constructive backdrop for renewed corporate commentary. Together with fourth-quarter earnings reports and early-year industry conferences, these events are expected to deliver both qualitative perspectives and quantitative data points for investors.
Technology stocks and the AI theme have driven global markets since the bull run began in October 2022. This year’s rally—marked by record highs across regions from Japan to Europe—has been led by a new group of sectors. In the United States, Energy and Materials are out in front, delivering double-digit gains through early February, with other “real economy” areas such as Consumer Staples and Industrials close behind.
This kind of sector rotation is often viewed constructively, particularly when the S&P 500 holds elevated levels as market leadership shifts. Still, some observers have raised concerns that late-cycle industries and even traditionally defensive segments are starting to outperform more than three years into the bull market.
Regardless of whether the shift proves bullish or bearish, attention has clearly moved toward cyclical and value-oriented stocks. While two more members of the Magnificent Seven are set to report earnings this week, meaningful macro signals are increasingly expected to come from outside the technology sector. In addition, corporate events—including investor conferences, shareholder meetings, interim updates, analyst days, and business briefings—add important context alongside formal earnings releases.
Our team has identified several upcoming events hosted by non-tech, blue-chip companies over the next few weeks that could provide insight into the health of the manufacturing sector and the broader Main Street economy. These meetings follow the strongest U.S. ISM Manufacturing PMI reading since August 2022, released earlier this week. The next phase of the bull market may be taking shape—not in technology, but in more traditional sectors. Below are the key events that will help clarify that trajectory.
Thursday, February 5: Xcel Energy 2025 Year-End Webcast
Power generation is expected to be a central theme at Xcel Energy’s (XEL) Analyst Day, which will take place shortly after the release of its Q4 2025 earnings. The $44 billion market-cap utility has pulled back after reaching record highs late last year, though the weakness has been broadly shared across the sector. Utilities within the S&P 500 continue to face volatility as significant structural changes reshape what has historically been a relatively quiet corner of the market.
A Dividend Aristocrat, Xcel Energy shares are up roughly 10% over the past year. Management signaled a more aggressive capital expenditure strategy in its Q3 update last October. Investors will be looking for greater detail on project developments, as well as insight into trends tied to the expanding AI-driven infrastructure buildout, when the company presents tomorrow morning.
Tuesday, February 10: Williams Companies 2026 Analyst Day
Williams (WMB) is also expected to spotlight developments in the energy market. The $81 billion market-cap oil and gas storage and transportation company navigated several major winter storms with limited disruption. In November, management outlined a significant investment plan, announcing a $5.1 billion capital expenditure initiative focused on power innovation, alongside an ambitious 9% annualized growth outlook.
Midstream energy companies have long appealed to income-focused investors for their stable and growing dividends, but a meaningful growth angle may now be emerging. After years of subdued demand, U.S. power consumption is beginning to accelerate. Investors will gain updated insight into these trends next Tuesday, following the company’s Q4 earnings release.
Thursday, February 12: FedEx 2026 Investor Day
One of the most closely watched events this month is FedEx’s (FDX) Investor Day on February 12. CEO Raj Subramaniam has navigated a series of macroeconomic challenges during his tenure, prompting strategic shifts and operational adjustments. This year, the Memphis-based air freight and logistics company plans to spin off its FedEx Freight division by June 1.
FedEx delivered an earnings beat in December, triggering a long-awaited rally in the stock. Shares are up more than 50% over the past six months, setting a constructive backdrop for the Investor Day. While the specific announcements remain uncertain, companies typically do not convene such high-profile events to deliver negative news, suggesting an optimistic tone is likely.
Monday, February 23: JPMorgan Chase & Co. 2026 Update
JPMorgan Chase (JPM) may use its Business Update on Monday, February 23, to address several housekeeping items. While the largest U.S. bank by market value is shifting back to a first-quarter reporting cadence, that change is unlikely to capture investors’ attention. Instead, the focus will be on an operational overview and a potentially market-moving Q&A session with company leadership.
JPM shares reached an all-time high on January 6 before pulling back around earnings, ultimately sliding into a roughly 12% drawdown early in the year. Whether the stock can regain momentum following the upcoming update remains an open question. Investors may get early signals on Tuesday, February 10, when co-CEO Troy Rohrbaugh is scheduled to present at the UBS Financial Services Conference.
Wednesday, February 25: L3Harris Technologies 2026 Investor Day
Tuesday, March 10: Howmet Aerospace 2026 Technology & Markets Presentation
Two Aerospace & Defense companies—L3Harris (LHX) and Howmet Aerospace (HWM)—are set to host investor briefings in the coming weeks. Similar to banks, defense stocks have faced early pressure to start 2026. Both companies were also referenced unfavorably in recent Truth Social posts from President Trump. Proposals such as a potential cap on credit card interest rates weighed on financial stocks like JPMorgan, while threats of capital controls—including restrictions on dividends and share buybacks—were directed at defense names such as LHX, HWM, and their peers.
L3Harris shares declined following last week’s Q4 earnings release, while Howmet Aerospace is scheduled to report results before the market opens on Thursday, February 12.
The Bottom Line
Market leadership within the bull run appears to be widening, as capital increasingly rotates toward cyclical, value-oriented, and real-economy sectors. A slate of upcoming corporate events across Utilities, Energy, Industrials, and Financials could provide important clues as to whether economic momentum is gaining traction beyond technology. Should these updates confirm improving fundamentals, they may point to a more resilient and broadly based next stage of the bull market.
Sources: Christine Short
THE ETERNAL SOVEREIGN 
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