Thursday, August 6, 2026

QNTM Day Wrap — August 6, 2026

The QNTM model portfolio slipped just 0.01% today, comfortably ahead of SPY's 0.15% decline — a modest but clean 14bp edge in a session where breadth was mixed under the surface.

What drove it: Stocks slipped as Treasury yields rose and investors absorbed a series of earnings reports, prospects of an imminent Strait of Hormuz deal, and fresh labor market data — the geopolitical thread lines up with QNTM's "war de-escalation" macro flag today. The real pressure point was tech: memory stocks and software names both trading lower as weaker results from HubSpot and Figma weigh on the software complex, while memory stocks slide despite beat-and-raise quarters from SanDisk and Western Digital , with both names coming under pressure after massive YTD rallies, SanDisk up about 469% and WDC up about 201% . QNTM's 50-name, diversified book carries far less single-stock concentration than cap-weighted SPY, so it largely sidestepped that memory/software air-pocket — the main source of today's relative outperformance.

Market recap: The Dow slid 0.9%, snapping its record-breaking win streak, while the S&P 500 fell 0.2% and the Nasdaq was down 0.1% . Six of the S&P's 11 sectors advanced, with materials adding 1.5% to lead gains . VIX held low at ~15, and oil firmed as the Hormuz story developed.

What's next: Watch whether yields keep climbing and whether the software/memory pullback broadens or stays contained — that's the key swing factor for the "mildly bullish" regime holding.