What’s Next After Record Highs? 5 Stocks With Catalysts to Watch

The S&P 500 has again reached a record high, backed by solid earnings beats and economic data that show surprising resilience.

Retail sales topped expectations, jobless claims dipped, and even consumer sentiment is ticking upward.

Earnings season is in full swing, with prominent names such as PepsiCo, Goldman Sachs, and United Airlines delivering solid results, and the Nasdaq posting fresh gains.

But as the dust settles, investors are turning their eyes forward.

Friday’s session could bring more movement as 3M and American Express report before the bell, and the first consumer sentiment reading of July hits the tape.

The question now is who leads the next leg higher?

We’ve selected five stocks with potential catalysts that haven’t yet entirely played out, ranging from vertical-lift pioneers to LNG powerhouses.

Each is sitting at an inflection point, either following an earnings report or just ahead of one. Here's what to watch:

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Joby Aviation | JOBY

Price: $17.78

Joby’s rally is far from a moonshot fluke.

This week’s double-digit surge came after the company confirmed it’s doubling manufacturing capacity in California and Ohio, which are key steps as it pushes toward the commercial launch of electric air taxis.

Even more compelling: successful test flights in Dubai, a signal that its global runway is widening fast.

With market cap now nearing $15 billion, Joby is transitioning from speculative EV play to legitimate industrial disruptor.

Traders should keep an eye on regulatory milestones and fleet announcements, especially as investor appetite for new mobility tech returns.

If you're looking for an early-stage name with tangible momentum, this one is worth keeping on your radar, especially ahead of any updates from global aviation partners.

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Schlumberger | SLB

Price: $33.32

Energy services giant SLB just closed its all-stock acquisition of ChampionX, with UBS reiterating its Buy rating and highlighting potential $400M in annual synergies.

Investors will be looking for confirmation of those benefits in earnings, as well as more clarity on SLB’s plans for its growing digital business, which could be spun off in the future.

Jefferies expects a strong Q2 print, with $8.5 billion in revenue and 72 cents in EPS.

If management raises Q3 guidance or outlines a more aggressive international expansion, particularly in Saudi Arabia and Latin America, the stock could see a meaningful move.

For investors seeking value in energy with a near-term news trigger, SLB is well-positioned to deliver.

Rivian Automotive | RIVN

Price: $13.70

Rivian’s stock got a boost this week after announcing its new East Coast HQ in Atlanta.

The office complements its massive new Georgia factory project and reflects its plan to scale up U.S. production of next-gen EVs, particularly the lower-cost R2 and R3 models.

While the company remains unprofitable, Rivian has reported positive gross profits for two consecutive quarters.

The upcoming R2 line, with lower material costs and a sub-$50K price point, could unlock broader adoption and improved margins.

With the DOE backing its expansion via a $6.6 billion loan, this is a name to monitor for a pre-earnings run-up or any surprise announcements regarding vehicle reservations or delivery targets.

For now, it’s a “watch closely” setup with growing upside optionality.

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Kinder Morgan | KMI

Price: $27.88

Kinder Morgan kicked off the oil and gas earnings season with a surprisingly bullish tone, emphasizing surging LNG demand and growth in U.S. pipeline infrastructure.

The company has added $6 billion to its backlog in the last year, aiming to serve both domestic data center demand and global LNG exports.

CEO Rich Kinder highlighted the doubling of U.S. LNG capacity through 2028, and KMI is a key component of that buildout.

Its Trident Pipeline expansion alone could reshape Gulf Coast gas logistics.

With a 4.26% dividend yield and long-term secular tailwinds in the energy infrastructure sector, KMI offers both yield and growth potential. This is a trend play with legs.

PepsiCo | PEP

Price: $143.24

PepsiCo beat earnings expectations this week despite facing one of the most demanding operating environments in recent memory.

North American snack sales declined, but international beverage sales increased by 5%, and the LatAm and EMEA regions delivered 6–7% growth.

While macroeconomic concerns, such as GLP-1 drugs and tariffs, continue to loom, Pepsi’s focus on cost savings and product innovation is yielding results.

At 3.91%, the dividend remains a magnet for income investors, and any signs of stabilization in North America could lead to a rerating.

With the stock still well off its 52-week highs, this could be an early-stage rebound story worth tracking.

We’re in the thick of earnings season, and the market is rewarding results over hype.

This week’s record highs indicate that investors are leaning into growth and operational strength, despite macroeconomic uncertainty still lurking beneath the surface.

Names like Joby and Rivian are early-cycle innovators with strong tailwinds. KMI and SLB offer infrastructure exposure tied to secular demand for energy and AI power.

Pepsi, meanwhile, sits at the intersection of global growth and defensive stability.

The common thread is that all five names have catalysts still unfolding. In a market like this, it pays to be early, not late.