Wade's Weekly Market Update
June 22, 2026
Good morning,
Markets cheered the announcement of an interim peace deal with Iran. Both stocks and bonds rallied on Monday, with the beaten down tech sector scoring a big comeback. Investors are counting on relief for the oil and gas markets to reduce inflationary pressures. Lower gasoline prices may be months away, and getting back to prices in February of this year could take a year or more. One big takeaway from this war is that depending on fossil fuels for future energy needs is fraught with unknowns.
The Iran war has turned an economic argument into a strategic imperative, making fossil fuel dependency feel not just expensive but dangerous – and the alternative not just cheaper but safer. Consider solar power, for example. Sunlight travels 93 million miles to reach the Earth but none of it goes through the Strait of Hormuz. Once you’ve deployed the clean energy infrastructure, no supreme leader or rogue with a drone can cut off your power. This also means the shift is likely to be permanent: the marginal cost of electricity from an existing solar farm or wind turbine is effectively zero, so once the infrastructure is in place, no future collapse in oil prices makes reverting to fossil fuels economically rational. If your energy becomes cheaper and more reliable, would you complain about the source? The Administration has it backwards.
New Fed Chair, Kevin Warsh, led his first FOMC meeting on Wednesday and the Committee unanimously decided to keep interest rates unchanged. Their statement, and Warsh’s post-meeting press conference, gave markets a scare with the inference that the Fed’s next move would be to raise rates to battle inflation. This must be frustrating for President Trump as he spent the last year antagonizing the Fed in his effort to get them to lower rates. We would expect some heated behind the scenes discussions between the President and Chair Warsh.
Please visit our website at www.canfg.com to view past updates and information about Canandaigua Financial Group.
As always, if you would like to discuss this or anything regarding current market conditions or your portfolio, feel free to contact our office any time at 585-396-2720.
I hope everyone enjoyed Father’s Day!
Wade
Wade A. Sarkis, CFP®, AIF®
Partner Emeritus
Canandaigua Financial Group
45 Ontario Street
Canandaigua, NY 14424
(585) 396-2720
Advisory Services offered through Commonwealth Financial Network®, a Registered Investment Adviser.
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