Robertson Stephens Weekly Commentary – September 28, 2026

Markets are eagerly anticipating the US employment and inflation numbers this week, hoping to confirm a view that the economy is running strong but not too hot and inflation is accelerating only modestly. The hope — and abundant skepticism— is that interest rates have risen sufficiently, and the Federal Reserve can pause and think carefully before yanking the proverbial punchbowl away. The S&P 500 returned 1.2%, unperturbed by rising global interest rates. A renewed rally in semiconductor stocks drove the NASDAQ to an all-time high mid-week; markets remained optimistic around renewed talks in the Middle East and the US-China summit for potential breakthroughs on either front. Mid-cap stocks (0.0%) and small-cap stocks (-0.8%) continue to fare worse than large caps. On the wealth planning front, we discuss the tax, investment, and estate planning considerations of retiring abroad.