All-day events are sorted by start date, then by sub-calendar order, and then by title (alphabetically).
So, if the start date is the same, the events will be arranged next by sub-calendar order, and then by event title.
You can adjust the order of your sub-calendars to arrange the way all-day events are stacked.
If you have a certain calendar which contains events you’d like to see at the top of each day, you can use this tip to control the order of all-day events:
Calendars are arranged in order by title, alphanumerically. You can control their ordering by using numbers or symbols in the calendar title, and/or by organizing calendars in folders.
Here’s an example:
Now the all-day events on the 🌤️ Weather calendar will be always on top for each day: