Robertson Stephens Weekly Commentary – December 1, 2025

Economists have long cautioned against using consumer sentiment surveys to forecast consumer spending. Statistically, income growth is the overwhelming determinant of consumer expenditures, with a lesser, but significant, contributory role played by changes in wealth. Last week, the equity market staged a broad rebound, recovering a portion of November’s losses. The rally was sparked by commentary from the Federal Reserve suggesting a December rate cut is back on the table. Major equity indices rallied sharply, with gains spread across sectors and factors. On the wealth planning front, we revisit charitable giving strategies as 2025 comes to a close.