- Market volatility rose following the midterms, putting the AI trade and data center buildout under renewed scrutiny
- NVIDIA, Caterpillar, and Nike headline next week’s corporate events, offering important clues on AI investment, construction demand, and the consumer
- Procter & Gamble’s Investor Day may add further consumer color, with easing energy costs and a bit better labor market potentially supporting the 2027 outlook
If you’re hyper-focused on markets and geopolitics, it feels like the world has changed in the past week-plus. The U.S. midterm elections brought about a surprising volatility thrust, first with a premature “clearing event” rally on Wednesday, November 4, followed by 2026’s broadest-based selloff on Thursday. The plunge was the Nasdaq 100’s biggest since March 2020. The bulls were back in town to kick off this week, though, and all 11 S&P 500® sectors posted Monday gains.
AI on Thin Ice?
Macro storylines have no doubt been rewritten. The AI trade and data center buildout are being called into question ahead of the new, much bluer Congress set to take the reins on Capitol Hill in January. It remains to be seen how throttled AI investment will be in 2027 and beyond, but even before voters cast ballots, price action in data center plays was dismal.
Many chip stocks, shares of data center infrastructure names, and power providers were down 40% or more from their respective 52-week highs. Now, all eyes are on late-season reporters, but more importantly, on what company executives have to say about the megatrend’s future.
NVIDIA’s Busy Calendar Amid Drama at the Top
The elephant in the room is NVIDIA (NVDA) and CEO Jensen Huang. The so-called “Godfather of AI” has laid low following the news of his affair with an alleged Chinese spy. After a 4% decline on Monday, the world’s second-most valuable company is 25% off its early-October record high.
NVIDIA’s corporate event calendar remains loaded, with speaking engagements slated early next week at Supercomputing SC 2026, starting Sunday; Microsoft Ignite 2026, beginning Tuesday; and the TomorrowX Summit 2026, kicking off on the 17th as well.
The chip designer and cornerstone of the AI buildout then reports fiscal Q3 2027 earnings that afternoon, presumably with Jensen offering commentary thereafter. No shortage of drama there.
CAT, NKE, and PG Offer Mid-Quarter Updates
But beyond NVIDIA and Wall Street’s version of supermarket tabloids, there’s real corporate commentary on deck. Our team highlights three companies that each provide a unique lens on the macro backdrop for global portfolio managers and traders alike to weigh:
November 17: Caterpillar Bernstein Fireside Chat
Tuesday next week will be a thriller. Along with NVIDIA’s series of events, arguably the most critical AI-related player in the Industrials sector sits down with Chad Dillard of Bernstein to discuss the latest trends in construction.
Recall that last week’s October jobs report revealed a surprising uptick in manufacturing employment. But will the AI-buildout boom live on in the wake of the blue tsunami? And how is global construction demand trending beyond just tech and AI? These are some of the questions the Street hopes to have answered.
For shareholders, CAT has been a catastrophe since notching an all-time high at the end of the first half. Now in a more than 40% drawdown, value investors are curious, while growth investors may be left holding the bag. Still, the Texas-based company and second-largest Dow component reported a 17% jump in Q3 sales last month, driven by high demand in its Power & Energy segments.
But shares tumbled on rising inventories, casting a black cloud over what was already a darkening price-action backdrop. We’ll see if Tuesday’s fireside chat relieves AI anxiety.
November 17: Nike Investor Day
Yes, times are uncertain about anything related to data centers, but consumers may feel like the macro tides are turning in their favor. Another result of the big Democratic victory was the increased likelihood of de-escalation in the Middle East.
While nobody knows if the war in Iran is on its last legs, the oil market seems to think normalization is not far away. Brent crude oil was above $115 in late October, and it’s now near $90. Gasoline futures, meanwhile, point to $3.60 at the pump, perhaps by Thanksgiving. Along with a decent employment backdrop, there’s some reason for cheer ahead of the holiday shopping season.
For Nike (NKE) and other Consumer Discretionary companies, they’ll take all the macro help they can get. Down 37% year-to-date (and the worst Dow stock in 2026), the footwear stalwart hopes to assuage investors’ fears both at its Analyst Day on Tuesday and with fiscal Q2 2027 results due out a month later. CEO Elliott Hill has his hands full figuring out today’s market structure.
Be on the lookout for strategy details at next week’s event, and don’t overlook the stock’s very high 8.6% short interest.
November 19: Procter & Gamble Investor Day
The consumer is also in focus on Thursday next week. Blue-chip Procter & Gamble (PG) welcomes analysts and shareholders at its Investor Day a week before Turkey Day. The Consumer Staples stock has been on a heater, rallying from $143 in early October (when tech peaked) to a record high of $170 in recent days. That’s an unusual bullish burst for this typically low-volatility safety play. Now sporting a P/E multiple north of 24x, shares might feel a bit rich.
Still, PG is only barely above its February high. Tariff headwinds are now largely over, and hope on the energy-cost horizon could help boost the bottom line in CY 2027. The webcast begins at 2 p.m. ET, with President and CEO Shailesh Jejurikar, among others, commenting on the company’s long-term strategy and value creation for shareholders.
The Bottom Line
Earnings season may be winding down, but investors aren’t cheated by the corporate event risk calendar. NVIDIA will be in the spotlight, while Caterpillar might brief the Street on what the future looks like for data center buildout demand. All the while, the consumer story appears more sanguine amid oil’s plunge and a sturdy labor market backdrop. As bulls and bears play a little tug-of-war, key clues may emerge at these upcoming events.
Twitter: @ChristineLShort
The author may hold positions in mentioned securities. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
