Robertson Stephens Weekly Commentary – February 2, 2026

Donald Trump has nominated his new Federal Reserve Chairman, Kevin Warsh. The choice is largely considered a sensible one, validated by most of Wall Street, global financial markets, and other central bankers. Coming on the heels of a Federal Open Market Committee meeting that was notable for its lack of surprises and for encouraging statements about the US economy, one can sense a collective sigh of relief. The S&P 500 returned +0.3% for the week, recovering from a mid-week wobble. The Fed held interest rates steady and signaled no rush to lower rates amid a strong economy, while tech stocks fell with a weak outlook from Microsoft, with investors questioning the timeframe for returns on its AI-related spending. On the wealth planning front, we discuss who could benefit from a charitable remainder trust.