What Utilities, Energy, Industrials, and Banks Could Tell Stock Market

• Key corporate events include Xcel Energy (Feb 5), Williams Company (Feb 10), FedEx Investor Day (Feb 12), JPMorgan business update (Feb 23), and aerospace firms L3Harris and Howmet in late February-March
• Utilities and Energy sectors are seeing major investment shifts, with Williams announcing $5.1 billion in power innovation capex and 9% annualized growth projections amid rising U.S. power demand
• Defense and banking stocks have faced early 2026 pressure from regulatory concerns, including Trump administration proposals on defense contractor clawbacks and potential credit card interest rate caps

Summary

Market Context

The three-year bull market, initially driven by tech stocks and AI since October 2022, is experiencing sector rotation as cyclical and value stocks gain leadership. Utilities, Financials, Consumer Staples, and Industrials posted double-digit returns through early February, with the U.S. ISM Manufacturing PMI hitting its highest level since August 2022.

Key Corporate Events

Xcel Energy (XEL) - February 5: The $44 billion utility holds its analyst day focusing on power generation amid sector volatility, despite recent decline from record highs.

Williams (WMB) - February 10: The $81 billion midstream energy company showcases its $5.1 billion power innovation capex initiative with projected 9% annualized growth, driven by rising U.S. power demand.

FedEx (FDX) - February 12: Highly anticipated investor day following Q4 earnings beat, addressing the June 1 spin-off of FedEx Freight unit.

JPMorgan Chase (JPM) - February 23: Business update follows a 12% early-year drawdown, transitioning back to quarterly reporting while addressing operational strategy.

L3Harris (LHX) - February 25 and Howmet Aerospace (HWM) - March 10: Defense sector briefings after pressure from potential regulatory changes, including threatened limits on dividends and buybacks.

Market Implications

These non-tech corporate events will provide crucial insight into Main Street economic health and manufacturing strength. If fundamentals prove solid, this rotation could signal a more diversified and durable phase of the bull market, though some analysts express late-cycle concerns three years into the rally.