Wednesday, August 5, 2026

QNTM Day Wrap — Wednesday, August 5, 2026

The QNTM model portfolio fell -1.87% today, well behind the S&P 500's -0.18% finish. The S&P 500 retreated from a record to close down nearly 0.2% , while the tech-heavy Nasdaq Composite slipped 0.8% to snap a 4-day rally and the Dow Jones Industrial Average climbed 0.5% to post a new all-time high .

What drove the gap: The model's underperformance points to concentration risk in growth/momentum names that lagged the broader tape. Communication-services and consumer-tech holdings bore the brunt — Alphabet shares dropped roughly 4.2% and Uber fell about 6% , pressuring any model exposure there, while SpaceX shares dropped after its first earnings report as a public company, down over 13%. That drag outweighed pockets of strength like Nvidia, which soared more than 3% — a reminder that a 50-name, rules-based model can diverge sharply from cap-weighted SPY on single-day earnings reactions.

Market recap: Sentiment stayed mostly upbeat on Middle East diplomacy — US oil hovered near $75 as Iran said it agreed on a Hormuz shipping route with Oman , a step toward easing supply fears. VIX held low near 15.5, consistent with today's NEUTRAL regime read; conviction across QNTM's ~1,423-stock universe sat at a middling 50.0, with only 2.7% scoring high-conviction.

What's next: More earnings and Hormuz headlines into Thursday will likely keep single-name volatility elevated even as broad indices stay calm.

Educational research only — not investment advice.