Robertson Stephens Weekly Commentary – July 7, 2025

Major US stock indexes finished the holiday-shortened week higher. Smaller-cap indexes performed best, with the S&P MidCap 400 and Russell 2000 indexes climbing 2.85% and 3.52%, respectively, followed by the Dow Jones Industrial Average, which advanced 2.30%. And just like that, it’s back to tariff turmoil. It would seem, however, that the shock of (saber-rattling?) threats to impose massive tariff increases by either July 9 — the old deadline — or a potentially new deadline of August 1, is greater for some US trading partners than it is for US-based companies. On the wealth planning front, we take a first look at key tax provisions from the recently passed One Big Beautiful Bill (OBBA).