Robertson Stephens Weekly Commentary – June 30, 2025

Fireworks generally start well before the Fourth of July in neighborhoods around the country. This curtailed week for market-moving data is no exception. The economic cherry bombs will be in the form of employment data, which could as easily be a bust as a large and startling “Boom”. In the second quarter, the S&P 500 was up ~10%. The U.S. dollar has had one of its worst starts to a year on record. It is on pace to fall approximately 8% in Q2 alone. Almost every asset class is negatively correlated with the U.S. dollar. To put the first half of 2025 simply, the USD was down, and almost everything else was up. On the wealth planning front, we discuss lessons from Jimmy Buffett's estate.