Friday, July 24, 2026

QNTM Day Wrap — Friday, July 24, 2026

The QNTM model portfolio returned +0.88% today versus +0.10% for SPY, a solid ~78bp edge in a choppy, headline-driven tape.

What drove it: QNTM flagged a RISK_OFF regime overnight (WTI $89.63, VIX 18.9) after Trump's new tariff round and Middle East escalation. That kept the model's concentrated 46-name book tilted toward quality/value and away from semiconductors and AI-capex-linked megacaps — the session's weak spots. A gauge of semiconductor firms sank 4.4% while most other S&P 500 shares actually rose , and communications services and consumer discretionary stocks came under heavy selling pressure amid mounting geopolitical tensions and rising energy prices . By having limited exposure to that pocket of the market, QNTM's book benefited from broader-market breadth rather than the narrow tech drag.

Market recap: It was a two-way session. The S&P 500 moved into negative territory early, weighed down by chip stocks, then stocks moved higher after Reuters reported Pakistan is considering brokering new U.S.-Iran peace talks , which pulled oil off its highs. The Dow gained 232 points, boosted by a 3% jump in Apple . This followed Thursday's sharper selloff, when oil surged to $100 a barrel after Houthi attacks on Saudi tankers, and Trump replaced expiring tariffs with a new round .

What's next: Conviction sits low (49.1, only 2.6% high-conviction names), so watch for follow-through on any Iran de-escalation headlines and next week's earnings/tariff clarity. Educational only — not investment advice.