Thursday, July 16, 2026

QNTM Day Wrap — July 16, 2026

The QNTM model portfolio slipped -0.47% today, modestly ahead of SPY's -0.52%. With conviction at 54.2 (neutral regime) and only 17.5% of the 1,000-name scored universe flagged high-conviction, the model's 50-name book stayed defensively concentrated — and that light tilt away from mega-cap semis is likely what limited the damage relative to the benchmark.

What drove it: The session's pain was almost entirely a chip story. The S&P 500 fell as a sell-off in chip stocks overshadowed a raft of solid earnings reports, with the Nasdaq Composite losing 1.4%. Micron, AMD, Sandisk, Intel, and Broadcom dropped around 3% even after strong TSMC numbers, as skepticism that AI hyperscalers could slow infrastructure spending was compounded by Korea prohibiting leveraged ETFs and signals of more efficient machines from ASML. A quant model without heavy semiconductor concentration would have avoided the worst of that leg down, explaining the relative outperformance versus SPY. On the offset side, UnitedHealth surged 7% after beating earnings and raising its full-year guidance — a name QNTM's quality/value pillars have favored — helping cushion holdings exposed elsewhere.

Market recap: US stocks fell on pressure from chip producers and risks of a hawkish Federal Reserve, with the S&P 500 down 0.3% and Nasdaq 100 off more than 1%. Treasury yields rose as the U.S. continued striking Iran and crude stayed near recent highs , while June retail sales