Robertson Stephens Weekly Commentary – October 12, 2026

US exports increased in August, but not nearly enough to counter surging imports. Energy played a role on both sides of the equation. As has been widely discussed, diesel and LNG are exported in significant volumes. Less commonly highlighted are the imports of crude oil required by Gulf Coast refineries, which are not configured to use the type of crude produced domestically; continued conflict in the Straits of Hormuz has kept the price of that imported crude high. Major US stock indexes finished the week mixed amid volatility in artificial intelligence (AI)-related stocks, developments in the Middle East, and sharp moves in energy prices and Treasury yields. The S&P 500 Index advanced 1.15%, while the Dow Jones Industrial Average and Nasdaq Composite added 0.93% and 0.64%, respectively. On the wealth planning front, we discuss key year-end tax planning strategies and how recent tax law changes may impact charitable giving, deductions, and retirement contributions.