- Major tech-related companies host Annual General Meetings in the weeks ahead
- Q1 earnings season was strong, but the collective macro outlook remains murky
- AI is back in vogue after tech executives and the president forged deals in the Middle East last week
Investors can pause to catch their breath after a wild last month. Cooler heads appear to have prevailed in the trade war, the Q1 earnings season was better than expected, and (for now) economic data is hanging in there. According to Econoday, the last few US payrolls reports point to a slowing, but not halting, labor market.
The US unemployment rate has been steady around the 4.2% mark, while average hourly earnings have drifted down to 3.8% on a year-on-year basis. Moreover, CPI inflation data from February through April were largely below estimates.
Eyeing the Macro (BCBA:BMAm) Calendar
Now more than ever, though, both company-specific and economy-wide data are seen as less relevant. Last week’s Retail Sales report, while light, didn’t raise recession flags, and next week’s April Personal Consumption Expenditure (PCE) Price Index print (which comes alongside the Personal Income and Outlays report) won’t fully reflect the impact of tariffs.
Mark your calendar for several macro updates, according to Wall Street Horizon’s new Economic Calendar data. First, the minutes from the May 6-7 Fed meeting are set to be released on Wednesday, May 28th. Following that, the June FOMC gathering could be livelier as we’ll get fresh forecasts from voting members via the Summary of Economic Projections (SEP) and the always-revealing Fed dot plot. Lastly, recession fears have ebbed in the last few months but be on guard for possible volatility around the second look at Q1 GDP, which hits the tape on Thursday, May 29.
Mag 7 Shareholder Meeting Season
Yes, plenty of macro volatility catalysts are in the offing, but don’t sleep on the long list of key shareholder meetings ahead. Specifically, several Magnificent Seven companies have Annual General Meetings (AGM) over the coming weeks. Beyond those glamour stocks, a handful of other large-cap bellwethers host events to update equity owners on company performance, strategic plans, and firm-specific and macro conditions they see. At the events, investors exercise their voting rights and engage with management, usually friendly but sometimes hostile.
We detailed notable shareholder meeting events in April when volatility was near its zenith. Today, as panic has subsided and with the carrot of tax cuts dangling and hopes revived for deregulation, there could be a more upbeat tone. Here are the headline shareholder meetings scheduled:
May 20: JPMorgan Chase & Company
The Financials sector faces challenges and opportunities. On the positive side, last week’s major IPO, eToro (ETOR), was quite encouraging for capital markets. Shares soared on their first day of trading, while the day before, fintech company Chime filed for a Nasdaq IPO.1 Moreover, KKR (KKR) received an upgrade from Morgan Stanley (NYSE:MS), and fellow capital markets company Carlyle (CG) got a boost from TD Cowen.2 And all of a sudden, M&A is kicking up in the shoe space (see: Skechers and Foot Locker (NYSE:FL)).
Good news for the JPM Investment Banking department. Unfortunately, last week’s quarterly report on household debt from the Federal Reserve Bank of New York underscored a deterioration in consumer finances, including lower collective credit scores as household debt swells.3
JPMorgan Chase & Co (NYSE:JPM) is arguably the most important global financial institution, headed by Jamie Dimon, dubbed America’s banker. Investors should pay attention to what transpires today at JPM’s AGM.
May 21: Amazon.com
Turning to the Mag 7, Amazon.com Inc (NASDAQ:AMZN) had a load lifted off its back when the US and China chose to roll back most tariffs earlier this month. Shares soared by more than 8% on Monday last week, though they remain far below their $242 all-time high notched in February.
The company also confirmed a small workforce reduction, adding to the list of recent layoff announcements. Still, its most recent earnings report was solid—a double beat—with Amazon Web Services (AWS) growing 17% YoY.4 Be on the lookout for any updates from CEO Andy Jassy this Wednesday.
May 28: Meta Platforms
Next (LON:NXT) week, before the PCE report and three-day weekend, Meta Platforms Inc (NASDAQ:META) welcomes shareholders to its virtual event. It, too, beat Q1 sales and earnings estimates, helping to lift shares off their April 21 low under $500. META is the top-performing mega-cap tech stock year to date, with some arguing that it is executing the best on AI strategy.
Despite fears of reduced ad spending amid all the macro uncertainty, it grew profits by 35% in the first quarter and issued solid guidance for the balance of the year. The kicker was a significant increase in its FY 2025 capex forecast.5 We’ll see if executives, including CEO Mark Zuckerberg, discuss those plans in more detail next Wednesday.
June 5: Netflix
Netflix Inc (NASDAQ:NFLX), while not officially a member of the Magnificent Seven, is among 2025’s best stocks. Through last Wednesday, shares were up 29% on the year, ranking it 13th best among all S&P 500 companies YTD. The Movies and Entertainment industry company within the Communication Services sector ruffled some feathers a month ago when it was reported that a $1 trillion market cap was targeted by co-CEO Ted Sarandos.6
That doesn’t seem so out of line today, with NFLX knocking on the door of a $500 million equity valuation. Last week, the firm said its ad tier now has 94 million monthly active users, up 34% just since November and higher by a whopping 135% from 12 months ago.7 Seen as a recession-resistant and tariff-buffered asset-light company, investors will surely be upbeat heading into the June AGM.
June 6: Alphabet
The Mag 7 is not a monolith. Alphabet (NASDAQ:GOOGL) has struggled in 2025, with the stock down by more than 10%, a strong Q1 report notwithstanding. Earlier this month, news broke that Apple’s (AAPL) Eddy Cue testified that Safari searches were down for the first time in 22 years.8 That was bad news for Alphabet since its search engine is the default for Apple (NASDAQ:AAPL) products.
It will be critical to hear from CEO Sundar Pichai and other top executives on not just search, but also ongoing Justice Department probes and how the $2 trillion market cap company plans to make inroads into AI as the competition grows fiercer.
June 25: NVIDIA
Last but not least, NVIDIA Corporation (NASDAQ:NVDA) has been on a heater in the past several weeks. Through May 21, the stock was up by more than 50% from the April nadir. CEO Jensen Huang appears to be in President Trump’s good graces as he joined the POTUS and other tech leaders in a pivotal business trip to the Middle East.
To wit, BofA noted that NVIDIA was among the “top beneficiaries” from deals inked in Saudi Arabia last week.9 The bulls hope such capital investments and new orders will be the next leg of the AI boom. Expect to hear more about the broader outlook on June 25, and NVIDIA reports quarterly results on Wednesday night next week.
The Bottom Line
The bulk of Q1 earnings season is in the books, and we have some stability on the trade front. That makes upcoming shareholder meetings all the more important as investors look ahead to the year’s second half. There are individual company stories and macro trends that shape capital project plans and dictate shareholder-friendly initiatives like stock buybacks and dividends.