This Week’s Big Event – June 6, 2025
Good morning, Markets have been relatively calm so far this week, with the S&P 500 up a whopping +0.46%. The most amusing sideshow (unless you own Tesla) was the Trump/Musk dust-up—another reminder of just how much our political landscape has shifted. The main event this week remains this morning’s U.S. employment report for May, due […]
Where Do We Stand with Tariffs and How Important Are They for Markets?
By John Lau, CPA, CFP® June 2, 2025 – Last week brought unexpected volatility to U.S. trade policy. The Court of International Trade blocked most of the administration’s 2025 tariffs, ruling that the International Emergency Economic Powers Act (IEEPA) does not give the president the authority to impose such tariffs. But within 24 hours, the […]
June’s Reputation For Calm Tested By Tariff’s – June 2, 2025
Good morning, Stock futures are kicking off June in the red (-0.5%) after the weekend brought another round of tariff drama, with both China and the U.S. accusing each other of violating a trade deal signed just a few weeks ago. This comes on the heels of the best May since 1990, but now we’re […]
May 2025 Monthly Letter
The following is your May 2025 Robertson Stephens Monthly Performance Report. Looking at the May returns in the chart below – markets across the board extended their recovery. Fixed Income was the exception and experienced its first month of the year with negative returns (higher yields). Markets picked up in May, right where they left off in […]
Summer Friday’s Are Back – May 30, 2025
Good morning, Another busy week in the tariff headline business—including this morning at 8 am ET, when Trump said China violated its agreements with the U.S., sending Futures down -0.5%. Now, at week’s and month’s end, we find ourselves more or less where we started. Trump’s tariffs remain in place, and businesses are no more […]
Less Bite – May 27, 2025
Good morning, On Friday morning – four long days ago – the White House announced a 50% tariff on the EU starting June 1. The market didn’t love it: the S&P 500 opened down -1% and closed off -.67%. Fast forward to this morning – after news that the start date has been pushed to […]
Economic Commentary – May 27, 2025
Congress is on Memorial Day holiday until June 3 (yes, they do get better benefits than most people!), although returning to their districts and (maybe) meeting with constituents may be anything but a holiday for Representatives and Senators this year. Emotions continue to run high over the economic provisions of the House-passed tax and spending bill, […]
Breaking Down the House’s “One Big Beautiful Bill”: What It Means for Taxpayers
By John Lau, CPA, CFP® May 22, 2025 – In a dramatic overnight session on May 22, 2025, the U.S. House of Representatives narrowly passed the “One Big Beautiful Bill” (H.R. 1) by a single vote (215–214). This sweeping legislation, championed by President Donald Trump, aims to reshape the nation’s tax landscape, with significant implications […]
So Much For Bad News Moratorium – May 23, 2025
Good morning, So far this week, and somewhat predictably, the S&P 500 has pulled back modestly—call it a breather after the explosive six-week rebound that followed the “Tariff Tantrum” and its 20% plunge. The index is off about 2% for the week, and volatility has cooled back toward more normal levels. Not so in the […]
Financial advisors taking little mind of Moody’s US downgrade
We finally received the details on the scope of the Trump Administration Tariffs, and it’s beyond market consensus. Risk markets currently do not like the announcement, with stock futures currently down and the NASDAQ leading markets lower. Copper and oil are also falling in post-market trading, suggesting concerns about dimmer growth prospects. The Asia open seems more muted than the headlines would potentially justify.
Wealth Planning Commentary – May 19, 2025
Legislative Update: Proposed Tax Changes in House Bill The latest version of the House’s proposed legislation, previously known as the “One Big, Beautiful Bill,” remains intact, mainly following negotiations during the past week. Highlighted below are key provisions that may impact and are subject to changes: Individual Tax Cuts If the bill is passed in […]
Investment Commentary – May 19, 2025
Executive Summary The 30-year Treasury bond yield rose above 5.00% on an intra-day basis 5/19.25 – which is close to 2023’s cyclical high, triggered, in part, by a weak Treasury bond auction, which signaled the supply of Treasuries due to increasing budget deficits was weighing on the market. The bond market may be starting to […]