Wade's Weekly Market Update
May 13, 2026
Good afternoon,
Stocks continue their advance despite mounting concerns about the economic impact of sharply higher gasoline prices. The upward momentum has favored technology stocks and Q1 earnings were surprisingly strong. With most companies already reporting, S&P 500 earnings are projected to grow 28.2% in Q1 compared to a year ago, marking the strongest growth since Q4 2021.1 Companies that are AI beneficiaries have seen Q1 earnings increase by 50%, according to Deutsche Bank. Is this current rally sustainable? Until we get clarity on the war with Iran, we remain cautious.
President Trump is in China to meet with President Xi Jinping. He is traveling with several well-known CEO’s and hopes to discuss trade with President Xi. Likely he will also request China to pressure to Iran to open the Strait of Hormuz. What would China ask in return? Perhaps a change in the US policy of support for Tawain’s independence from China. The war with Iran has not gone according to the Administration’s plan and has hurt Trump’s approval ratings. Could Trump change the long-standing US policy on Tawain to alter the course of the Iran war? Trump tends to be transactional, not strategic, and some Chinese leaders have called him “immature”. At least, that’s what Xi said.
In a 17-7 loss to the Pirates on May 2, Cincinnati Reds pitchers walked a record-tying seven straight batters in the second inning (just the third time in MLB history). That performance was in the midst of an 8-game losing streak that saw them go from the lead to last place in their division. That just might complete my Reds updates for the season. Should they make a comeback, you’ll hear about it! For now, Go Sabres!
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 me at any time.
Have a great week,
Wade
Wade A. Sarkis, CFP®, AIF®
Managing Partner
Canandaigua Financial Group
45 Ontario Street
Canandaigua, NY 14424
(585) 396-2720
1 Krauskopf, L. (2026, May 6). Stunning US profit strength ignites stocks’ charge to record peaks. Reuters. https://www.reuters.com/business/stunning-us-profit-strength-ignites-stocks-charge-record-peaks-2026-05-06/
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