Monday, August 24, 2026

QNTM Day Wrap — Monday, August 24, 2026

The QNTM model portfolio fell 0.77% today, underperforming SPY's 0.28% decline by roughly half a point. The model's 49-name book carries above-benchmark exposure to semiconductors, and that concentration was the main drag: Micron Technology shed more than 5%, while Advanced Micro Devices and Broadcom pulled back 3% and 2%, respectively , and the iShares Semiconductor ETF slid 2% . Chip weakness reflects nervousness ahead of Nvidia's earnings later this week and jitters over AI capex payback, not a single stock-specific shock.

Broader market: the S&P 500 fell slightly as a drop in key technology stocks overshadowed lower Treasury yields, closing at 7,652.96, while the Nasdaq lost 0.76% to 25,980.19; the Dow gained 0.26% . The session's macro backdrop lines up with QNTM's RISK_OFF regime flag: Canadian stocks whipsawed after trade talks with the US collapsed, threatening a wider trade fight, with PM Mark Carney recalling negotiators from Washington , and the Trump administration slapped 50% tariffs on a range of Canadian goods, with Carney vowing retaliatory tariffs starting Sept. 8 . Middle East sanctions headlines added to the cautious tone. Conviction sits at 49.7 with only 3.4% of the 1,422-name universe scoring high-conviction — a thin, defensive posture.

What's next: Nvidia earnings midweek and Fed Chair Kevin Warsh's Jackson Hole speech Friday are the key catalysts to watch. This is research/education, not a recommendation to buy or sell any security.