Robertson Stephens Weekly Commentary – February 23, 2026

“Head-spinning” is the word for the week. The Supreme Court rejection of many (not all) of President Trump’s tariffs served to sweep under the rug an almost embarrassing scramble to explain how the fourth quarter GDP estimate came in so far below projections, while the broad-based measure of inflation known as the Personal Consumption Expenditures (PCE) Index came in well-above expectations. Last week, the S&P 500 returned +1.0%. Markets continued to be whipsawed as traders assessed the impact of AI across a number of industries; oil rose, and perceived inflation risks kept a lid on bond prices as the US continues a substantial military buildup in the Middle East. On the wealth planning front, we discuss a commonly overlooked estate planning step.