Tuesday, July 28, 2026

QNTM Day Wrap — Tuesday, July 28, 2026

The QNTM model portfolio gained 0.38% today versus SPY's 0.23%, a modest ~15bp edge in a session dominated by a rotation away from semiconductors.

What drove it: Markets stayed in QNTM's RISK_OFF regime, with conviction at just 49.2 across 1,423 scored names and only 2.5% flagged high-conviction — a cautious, concentrated 49-holding book. Nine of eleven S&P sectors traded higher, led by a 3.7% jump in Consumer Staples on Coca-Cola earnings, plus gains in healthcare and materials, while technology tumbled roughly 3.8% and the Philadelphia Semiconductor Index fell over 6%. Micron, Nvidia, SanDisk, AMD and SK Hynix all posted steep losses as fears over circular AI-financing arrangements resurfaced. A lighter tilt toward that beaten-down chip complex — consistent with the model's defensive posture under the tariff overlay — likely explains most of today's edge over the cap-weighted, tech-heavy SPY.

Market recap: The S&P 500 slipped 0.17% from Monday's close, hovering near 7,400 , while the Nasdaq 100 has now corrected roughly 10% this month with semis down over 23%. Overseas, Japan's Nikkei fell 3.95% and South Korea's Kospi dropped 10.84% on the tech rout. Fresh U.S. tariff actions added to the cautious tone.

What's next: All eyes turn to Wednesday's FOMC rate decision and a wave of megacap tech earnings, both likely to set direction into month-end.

Research/education only — not investment advice.