Robertson Stephens Weekly Commentary – April 28, 2025

This is a good week to let the data — there will be a lot of it— do the driving. And it is likely to be something of a joy ride, the trick being to buckle up and keep an eye on the month being reported. A majority of the data will continue to be backward-looking, to a March that seems now light-years distant, but employment figures for April and service sector activity in April will be headline news. The “soft” negative survey data has yet to show up in the “hard” economic data. The U.S. Market preliminary manufacturing PMI came in above estimates at 50.7. The services side came in below estimates but still an expansionary 51.4. U.S. equities outperformed European stocks last week but are still underperforming by 17% YTD. On the wealth planning front, we discuss creating peace of mind during volatility and social security concerns.