Robertson Stephens Weekly Commentary – October 27, 2025

It’s back to Trump Time, it’s Trade Time, All The Time. A successful tour of Asia to negotiate favorable trade deals would go a long way toward easing the concerns of the Federal Reserve — and the U.S. business community — about the negative impacts on economic growth from trade confrontation. Investors are gearing up for a pivotal week, as Big Tech earnings and an expected U.S. interest rate cut could set the country’s economic trajectory for the rest of the year. A cooler than expected inflation report on Friday sent stocks to fresh highs as traders bet the Federal Reserve will trim the cost of borrowing on Wednesday. On the wealth planning front, we discuss how the NBA betting scandal highlights tax treatment of gambling income and losses.