• Ameriprise analysis flagged artificial intelligence as primary driver of April risk rally, with S&P 500 up 10.4% and NASDAQ up 15.3%, while warning market breadth could be tested if labor data weakens.
• AI-linked business investment underpinned Q1 GDP growth of 2.0% annualized, with equipment and intellectual property spending up 10.4%; Pantheon Macroeconomics estimated AI investment contributed about half of overall growth.
• Consumer momentum showed strain as Q1 spending growth slowed to 1.6% annualized, PCE Price Index rose to 3.5%, personal savings rate fell to 3.6% in March; gas prices hit USD 4.39 per gallon, with Bank of America estimating USD 19 billion hit to consumers since Iran conflict began.
• Fed held rates at 3.5% to 3.75% in an 8-4 vote; Chair Powell signaled energy-driven inflation limits ability to look through shocks, with markets pricing zero rate cuts through year-end.
• April jobs reports seen as key catalyst, with FactSet pointing to 50,000 nonfarm payrolls and 4.3% unemployment; analysis warned a sub-50,000 print could trigger risk repricing, while about 100,000 could extend rally into summer.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Ameriprise Financial Inc. published the original content used to generate this news brief on May 04, 2026, and is solely responsible for the information contained therein.