Robertson Stephens Weekly Commentary – September 8, 2025

The data being released in the next few days should cause a certain amount of acid reflux, both in global financial markets and in Washington, D.C. One statistic that seldom generates much attention outside of economic circles is the annual benchmark revision (think of it as a “true-up” with all the now-available data) in US Nonfarm Payrolls; this year will be different. Financial markets have weathered months of policy-driven volatility, and after a nearly 20% decline, the S&P 500 has regained all its losses and set numerous all-time highs. What remains is a sharply higher effective tariff rate and uncertainty about the impact of 2026 corporate earnings, consumer demand, and economic growth. While easing tensions and trade deals have removed the worst-case scenario, the full impact of recent events may take months or longer to become known. On the wealth planning front, we discuss prenuptial agreements.