Robertson Stephens Weekly Commentary – February 16, 2026

Although data released this week will largely be for the end of 2025, the data will serve to flesh out the picture hinted at by the Nonfarm Employment and Consumer Price Index numbers for January: a US economy that is doing considerably better than expected in terms of both growth and inflation. Stocks traded sideways this week before a late-week sell-off. The S&P 500 gained +0.5%, but it continued to lag the Russell 2000 and Equal Weight S&P 500. It's now underperforming both indices by over -5% YTD, while the Nasdaq and Large Cap Growth are down over -2% YTD as investors rotate and market leadership broadens. On the wealth planning front, we discuss California's proposed 2026 Billionaire Tax Act.