Friday, July 17, 2026

QNTM Day Wrap — Friday, July 17, 2026

The model portfolio returned +0.37% today vs. SPY at -0.91%, a roughly 128 bps edge in a broad down session — one of the model's better relative days this month.

What drove it: The divergence traces to sector positioning. The Dow fell about 0.7%, the S&P 500 declined 1%, and the Nasdaq shed 1.4% as the major indexes posted weekly losses led by declines in the semiconductor sector. The PHLX Semiconductor Index entered a bear market , with Micron and Intel dropping over 4% and Nvidia down roughly 2-4% depending on the tape. QNTM's model — scanning ~1,000 names with a value/quality/momentum blend, not a cap-weighted tech tilt — carried lighter chip exposure into the session, sidestepping the worst of that leg down. On the earnings front, Netflix sank 11% after it forecast another quarter of slowing sales , another name the model held underweight. Meanwhile top gainers were Travelers Companies, UnitedHealth and Walmart — the kind of value/quality names the model's factor tilt favors — helping offset broad-market weakness.

Market recap: Chinese AI start-up Moonshot's Kimi K3 model release added to investor unease about U.S. tech spending , while oil prices rose amid escalating Middle East tensions, with WTI crude gaining to around $82/barrel . VIX ticked up to ~18.8, still a moderate-vol regime.