Stocks Complete an Impressive Rebound in Q2
By John Lau, CPA, CFP® July 2, 2025 – Market volatility spiked in the second quarter as the S&P 500 dropped sharply in early April following the announcement of sweeping reciprocal tariffs, although those initial losses were slowly and steadily recouped over the remainder of the quarter as initial tariff rates were reduced while economic […]
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 […]
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 […]
What’s Developing on the Tariff Front: Legal Challenges to Trump’s Tariffs
April 30, 2025 – The tariff drama will soon enter a new phase, as 13 states have filed suits to challenge Trump’s tariffs. The goal is to reverse the President’s tariffs and limit the White House’s power to unilaterally impose tariffs without going through Congress. The outcome of the lawsuits can have the potential to […]
Policy Uncertainty and Tariff Threats Create Market Volatility
April 1, 2025 – Volatility gripped markets in the first quarter of 2025 and the major stock indices declined as chaotic U.S. trade and tariff policies caused a steep plunge in business and consumer confidence, which raised concerns that economic growth would dramatically slow and corporate earnings growth would disappoint. Stocks started the new […]
The New Trade War: Lessons from 2018-2020 and What’s Next
By John Lau March 6, 2025 – Trade policies don’t always make headlines, but when they do, it’s usually because they’re creating disruptions. With tariffs expanding and global trade relationships shifting, the current landscape demands a closer look. Recent developments have introduced significant uncertainties for businesses, investors, and policymakers, and I felt it was important […]
Client Testimonials – John Lau, CPA, CFP®
Testimonials provided by current clients of Robertson Stephens. Testimonials may not be representative of the experience of other customers and are no guarantee of future performance or success. “When reflecting upon the lives and circumstances of others, I feel a deep sense of gratitude and appreciation for coming across a John Lau seminar in 2017 at […]
Is the U.S. economy losing momentum?
By John Lau February 28, 2025 – One of the main reasons stocks have declined over the past week is due to concerns that the U.S. economy is losing momentum, and much of the concern is coming from weak sentiment surveys vis-a-vis hard economic data. So, do other market metrics echo these growth concerns? To […]
What Would Cause the Fed to Cut Rates Again?
By John Lau January 31, 2025 – On Wednesday, the Fed made no change to interest rates, as expected. Turning to Powell’s press conference, I do think the Fed used the meeting to convey that unless inflation declines further or growth rolls over, rates aren’t declining anytime soon. From a market standpoint, the net impact […]
Solid Economic Growth and Rate Cuts Power Stocks in 2024
By John Lau January 2, 2025 – The S&P 500 extended 2024 gains as the election results raised expectations for tax cuts and other pro-growth policies in 2025, while the economy remained on solid footing and the Fed continued to cut interest rates. The S&P 500 logged a modestly positive return for the fourth quarter […]
Trump’s Political “Tape Bombs” and the Santa Claus Rally
By John Lau December 2, 2024 – On Monday last week, after the close, President-elect Trump dropped a political “tape bomb” by threatening to levy 25% tariffs against Canada and Mexico and add an additional 10% tariff on China. The impact of the threat didn’t push the S&P 500 lower, but it did cause a […]
Why The Next Two Weeks Are So Important…
By John Lau November 4, 2024 – It is not an exaggeration to say that the next two weeks could likely determine if stocks hold (or even extend) the YTD gains or if volatility resurfaces and we have a tumultuous end to what has been, so far, a good year in the markets. This is […]