Robertson Stephens Weekly Commentary – June 16, 2025

One of the practical implications of an economy that is growing at 1% versus an economy growing at 2-2.5% is that a more slowly growing economy tips into negative territory far more readily, with attendant implications for employment, earnings, and tax revenues. Thus far, in the second quarter of 2025, the data persistently indicates that the US economy is growing at a pace greater than 2%. Last week, stocks were down and bonds up (price up/yield down). The MSCI Emerging Markets index outperformed the S&P 500 and MSCI EAFE. The best-performing sectors in the S&P 500 were energy, healthcare, and utilities. Across U.S. Russell style & market cap indices, the large-cap value did the best, and the value factor led more broadly. On the wealth planning front, we remind you to retitle your trust; don't just sign the trust documents.