Robertson Stephens Weekly Commentary – May 4, 2026

GDP growth and consumer inflation figures released last week for both the Euro Area and the United States effectively told a tale of two different economies — both at war but experiencing the conflict in dissimilar fashion. Stocks largely ignored the wave of conflicting headlines about the war in the Middle East and a hawkish Federal Reserve policy meeting to post solid gains in most major indexes. Large-cap stocks outpaced small-caps, and value outperformed growth as another increase in oil prices lifted the energy sector. On the wealth planning front, we discuss common estate plan pitfalls and how coordinated oversight can help prevent them.