Thursday, July 23, 2026

QNTM Day Wrap — July 23, 2026

Model vs. benchmark: QNTM's 50-name model portfolio slipped just -0.09% today, sharply outperforming SPY's -1.2% decline — a wide, one-day gap of roughly 110 basis points.

What drove it: Today's SPY loss was concentrated in a handful of mega-caps reporting earnings. Alphabet lifted its 2026 capex forecast to between $195 billion and $205 billion, up from a prior $180–190 billion range, reigniting investor caution about hyperscaler AI spending , and the stock fell sharply alongside declines in Meta Platforms, Microsoft and Amazon . Tesla dropped 14% after posting a big Q2 earnings miss, with operating expenses rising faster than revenue . Because SPY is cap-weighted, these few names disproportionately dragged the index down. QNTM's model, spread across 50 positions with no single-stock concentration in that magnitude, largely sidestepped the damage from this narrow mega-cap air-pocket.

Market recap: The Dow fell about 1%, the S&P 500 dropped roughly 1.2-1.4%, and the Nasdaq lost about 2.2-2.3% . Oil prices also pressured stocks after Yemen's Houthi group claimed attacks on two Saudi Arabian tankers in the Red Sea , adding geopolitical risk to an already earnings-heavy session.

QNTM read: Conviction sits at 48.5 (neutral), with only 1.7% of the 1,423-name universe screening as high-conviction — consistent with a cautious, earnings-driven tape.

What's next: More Big Tech and industrial earnings land through Friday; watch for whether AI-capex jitters spread further or stabilize.

Research/education only — not investment advice.