Robertson Stephens Weekly Commentary – June 2, 2025

Amidst all the confusion as to which US tariffs are in place, which are in deferment, and which have never come into being — not to mention which retaliatory actions by US trading partners are in effect or threatened — it is not entirely surprising that inflation has not been the big story that was anticipated. For the month of May, the S&P 500 returned over 6%, its best monthly performance since November 2023. Financial markets have weathered two months of policy-driven volatility, only to end up roughly where they started. After a nearly 20% decline from late February to early April, the S&P 500 has regained most of its losses and is within 4% of its all-time high. On the wealth planning front, we discuss recent trends in social security claims.