Weekly Market Recap – May 4, 2026

Last week, five of the Magnificent 7 companies reported earnings, alongside the first estimate of 1Q26 GDP. Taken together, they showed how central the AI cycle has become to both markets and U.S. economic growth. For 1Q26,megacap tech stocks are projected to account for around two thirds of year-over-year earnings growth, while AI-related capex contributed nearly half of the 2% annualized GDP growth.