Robertson Stephens Weekly Commentary – July 13, 2026

Ten days after the Fourth of July, the fireworks continue with the testimony of new Federal Reserve Chairman Kevin Warsh before the House Financial Services Committee (July 14) and the Senate Banking Committee (July 15). The central bank is required to provide commentary and answer questions from lawmakers twice a year, though the dates are flexible — and it is possible that the Senate will alter its schedule in light of Senator Graham’s sudden death. Major US stock indexes closed the week mixed, as a late-week rebound in semiconductor and artificial intelligence (AI)-related shares helped the Nasdaq Composite and the S&P 500 Index overcome earlier volatility that was driven in part by higher oil prices and renewed hostilities between the US and Iran. On the wealth planning front, we discuss how Trump Accounts compare to other savings vehicles and where they may fit into a family's long-term planning strategy.