Robertson Stephens Weekly Commentary – August 17, 2026

Consumer inflation decelerated slightly in July; new jobless claims are running well below the levels of 2025; third-quarter US economic growth is estimated at approximately 3.5%; and average hourly earnings are growing 3.2%. Additionally, the S&P 500 hit a new market high last Thursday, August 13. One would think that all is good, but…the consumer says otherwise. Last week, stock prices were up, and bond prices were down (yields up). The MSCI Emerging Markets and MSCI EAFE indices outperformed the S&P 500. The best-performing sectors in the S&P 500 were energy, utilities, and consumer staples. Across US Russell style and market-cap indices, mid-cap growth performed best, but the value factor led more broadly. On the wealth planning front, we discuss how to manage equity compensation while balancing diversification, taxes, and long-term financial goals.