Robertson Stephens Weekly Commentary – August 3, 2026

The Bureau of Economic Analysis (BEA) released considerable, albeit preliminary, data on the US economy in the second quarter, and much of the story got lost in the glare of Kevin Warsh’s problematic second press conference as Chairman of the Federal Reserve. The first estimate of US Q2 GDP growth was 1.5%, somewhat below expectations, which were averaging around 2%. Last week, stocks were up, and bond prices traded down/yield up. The MSCI Emerging Markets Index outperformed both the MSCI EAFE Index and the S&P 500. The best-performing sectors in the S&P 500 were consumer discretionary, communication services, and consumer staples. Across US Russell style and market-cap indices, large-cap value performed best, but the quality factor led more broadly. On the wealth planning front, we discuss strategies for passing down family vacation homes while preserving both the property and family harmony.