Futures Rise Ahead of a Barnburner Week — October 27, 2025
Good morning, Just over one-third of S&P 500 companies have reported earnings, and results are beating expectations by roughly 7.7%—right in line with the past few quarters. Combined with a better-than-expected CPI print, that was enough to lift major indices for the week: S&P 500 +1.93%NASDAQ +2.31%Russell 2000 +2.51% A strong week for global markets […]
CPI Released Despite Shutdown — Softer Print Clears Way for Fed Cut — October 24, 2025
Good morning, It’s CPI Friday — wait, what? A key inflation data point from a shutdown government agency? Good question. Even though the federal government remains in a partial shutdown, the Bureau of Labor Statistics (BLS) still released the Consumer Price Index (CPI) data this morning. Here’s why: under the shutdown, many federal agencies suspend non-essential operations. However, […]
Economic Commentary – October 20, 2025
The release of the Federal Reserve’s Summary of Commentary on Current Economic Conditions —aka “The Beige Book”—received considerable attention last week. The Beige Book is always a useful document for economists and thought-leaders willing to go beyond the headlines and the mostly backward-looking economic statistics. Now, of course, the flow of backward-looking data from the […]
Markets Keep Climbing the Wall of Worry – This Week Without Water — October 20, 2025
Good morning, The resilience of a bull market is tested by throwing worries at it and watching how it reacts. Two weeks ago — the China tariff scare. Last week — fears of regional bank insolvencies. Each time, the market hit a brief air pocket, endured a few hours of turbulence, then found smoother air […]
Should Advisors Ride the Foreign Stock Rally?
Chief Investment Officer, Stuart Katz, was featured in Investment News’ October issue discussing the foreign stock rally. He highlights Europe’s “game-changing” fiscal spending as a key driver of recent appreciation. Read the full article here.
The Market’s “Deep V” Signature Returns —October 14, 2025
Good morning, A unique market signature of this administration has been the recurring “Deep V’s” — sharp, fast plunges in risk asset prices followed shortly by equally steep recoveries. Friday’s drop (-2.7% on the S&P 500 Index), triggered by the threat of “massive” tariffs on China, is being partially unwound this morning (futures up +1% […]
Investment Commentary – October 13, 2025
Executive Summary Last week, stocks declined while bonds appreciated (price up / yield down). The MSCI Emerging Markets and MSCI EAFE indices outperformed the S&P 500. Across U.S. Russell style & market cap indices, mid-cap growth did the best, but the low volatility factor led more broadly. As for fixed income, the 10-year. treasury yield […]
Economic Commentary – October 13, 2025
It is a strange, somewhat unreal moment. A holiday that isn’t quite a holiday, a federal government that is mostly shut down while state governments go about their business, and government inflation reports that may or may not happen. Analysts have now been called back to the Bureau of Labor Statistics in something of a […]
The Client-First Revolution: How Robertson Stephens Sets a New Fiduciary Standard for Advisors and Investors
Robertson Stephens COO Vikram Chugh shares how the firm is redefining fiduciary excellence through a true client-first approach. His insights highlight how putting clients at the center of every decision drives better outcomes for both advisors and investors. Read more in Advisorpedia.
Shutdown Day 10: Bonds Itchy, Equities Unfazed —October 10, 2025
Good morning, It is the 10th day of the government shutdown, and the bond market is beginning to feel it. With the flow of government data cut off, the information vacuum is widening just as the next Fed meeting (October 29) comes into view. For a data-dependent Fed, the cut-or-no-cut question becomes harder to answer […]
September Recap: Third Quarter 2025 Executive Summary
Equity Markets Risk On Equity Markets carried their strong momentum from Q2 into Q3, with the S&P 500, Nasdaq, and small-cap stocks each hitting new highs. Investor sentiment remained optimistic despite soft labor market data and mixed economic signals, and stocks traded higher due to strong corporate earnings, the Federal Reserve’s pivot toward rate cuts, […]
Markets Rise Despite Shutdown; Global Politics Take Center Stage – October 6, 2025
Good morning, Last week, equity markets climbed higher despite the ongoing government shutdown, with the S&P 500 Index gaining +1.08% for the week. Bond yields softened (prices up) as investors grew more confident that additional rate cuts are coming. While the official monthly jobs report was delayed due to the shutdown, we did get private-sector […]