Robertson Stephens Weekly Commentary – July 21, 2025

The US economy continues to feel as if some corner has been turned, which is a pretty nifty trick to pull off without an appreciable slowing of economic growth. The week’s data will help illuminate the degree to which that growth continues into the third quarter; data for June should provide some sense of the momentum going into July, following the shock and awe of the tariff announcements in April. Last week, stocks and bonds mixed. The MSCI Emerging Markets outperformed the S&P 500 and MSCI EAFE index. The best performing sectors in the S&P 500 were technology, utilities, and industrials. Across U.S. style & market cap indices, mid-cap growth did the best, and the momentum factor led more broadly. As for fixed income, the 10-year. Treasury yield rose 1 bp on the week to 4.43%. On the wealth planning front, we discuss tactical tax planning and navigating the OBBBA’s key provisions in the near term.