Robertson Stephens Weekly Commentary – July 14, 2025

July doesn’t feel much like the summer doldrums yet. Tariff threats are flying, bilateral deals are being hammered out (we hope, albeit with minimal details), and economist Kevin Hassett is the latest policymaker trying to engineer a Federal Reserve coup. Last week, there was little difference in performance between large-caps and small-caps, while growth stocks held up modestly better than value. Investors have begun to follow airline earnings announcements as something of a bellwether of consumer strength. On the wealth planning front, we look at qualifiers for new income tax deductions.