Monday, August 3, 2026

QNTM Post-Close Wrap — Monday, August 3, 2026

The QNTM model portfolio was roughly flat today (-0.13%), lagging SPY's 1.5% Nasdaq-led surge, with the Dow up 1.3% to a record close . That's a wide ~1.6-point gap for one session.

What drove it: The rally was narrow and mega-cap-driven — top semiconductor names Micron and Broadcom retreated, and the Philadelphia Semiconductor Index fell 1.9% , while gains concentrated in software/consumer and hyperscaler names; August began with a mild rally led not by the usual chip suspects but instead by software and consumer names . With 50 equal-ish-weighted holdings across QNTM's five-pillar screen, the model's chip and value exposure offset gains elsewhere, capping upside versus a cap-weighted SPY dominated by a handful of giants (Amazon crossed a $3T market cap today).

Market recap: Indices jumped after a turn toward diplomacy in the war between the US and Iran lifted sentiment, with oil falling after Trump said he called off an attack to negotiate opening the Strait of Hormuz . OPEC+ also approved a production quota increase of about 188,000 barrels a day from September , adding to crude's slide (WTI ~$80). VIX sat low at 15.8, consistent with the calmer tape.

What's next: Markets turn to a jobs report and a stacked earnings week , including Caterpillar Tuesday — key tests for whether today's risk-on tone holds. This is research, not a recommendation.