Wade's Weekly Market Update
May 29, 2026
Good afternoon,
Despite headwinds, US stocks remain near record highs. US consumer sentiment fell to a record low in May, underscoring that higher gas prices and rising costs from the US-Iran war continued to weigh on Americans’ views of the economy. The University of Michigan’s Index of Consumer Sentiment showed consumer sentiment declined to 44.81 for the month of May, marking the lowest level on record. Americans are feeling worse about the economy now than they were during the COVID-19 pandemic, the financial crisis, and following the 9/11 attacks. And yet markets march higher. Are they counting too much on an Iran peace deal?
We've all been hearing reports of progress for an Iran deal to open the choked Strait of Hormuz. And while the hard news of an actual deal might immediately ripple through the stock market — and certain corners of the oil market — analysts are issuing a clear warning: Don't expect anything normal anytime soon. Even a deal agreed to this week, analysts say, would only start the healing process, which would continue well into the middle of next year. We would expect the Hormuz Hangover to last for months, if not years.
Russian President Vladimir Putin is showing signs of anxiety. His theory of victory in Ukraine - that he can outlast NATO’s will and Ukraine’s capabilities – is looking more unsteady now than at any point since launching the full-scale invasion in 2022. Moscow’s spring offensive has produced little to nothing, and for the first time in nearly three years, the Russian army has begun losing territory. Putin has reduced internet access to hide military failures, scaled back his military parade, and has seemingly vanished from public appearances. How long can he maintain the war as it begins to severely impact day to day Russian life?
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 weekend!
Wade
Wade A. Sarkis, CFP®, AIF®
Managing Partner
Canandaigua Financial Group
45 Ontario Street
Canandaigua, NY 14424
(585) 396-2720
1 Index of Consumer Sentiment, Last 10 Years. (2026) Umich.edu. https://www.sca.isr.umich.edu/files/chicsr.xls
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