Robertson Stephens Weekly Commentary – December 8, 2025

Lessened concern about consumer spending weakness in December, and optimism about end-of-year economic growth, risks overlooking the intense focus of American business on 2026 profitability. Adjustments to the global trade changes introduced by tariff policy and other actions continue to unfold, and labor force decisions for the first half of the coming year — always top-of-mind at this point in the calendar— are still being formulated. Markets extended their rally in October, rising for a seventh straight month despite intra-month volatility and uncertainty around a December rate cut. The government shutdown has ended, but it has left a gap in economic data, making it difficult to analyze the economy. Despite this data vacuum, optimism around a third consecutive rate cut has helped stabilize markets. On the wealth planning front, we discuss how an unknown relative could potentially disrupt your estate plan.