Wednesday, September 2, 2026

QNTM Day Wrap — September 2, 2026

The QNTM model portfolio returned +0.82% today, roughly double SPY's +0.41% gain. With only 50 holdings versus SPY's 500+, the model's concentrated stance amplified today's move.

What drove it: Wednesday's advance was a mega-cap tech and financials story. Stocks rose as Treasury yields took a breather from their recent run-up, with the S&P 500 and Nasdaq Composite each advancing 0.5% and the Dow adding about 295 points, boosted by Nvidia and Johnson & Johnson. Technology companies and banks led the gains after elevated yields had hampered credit-sensitive industries, with Meta jumping 2.5%, Wells Fargo surging 3%, Nvidia climbing nearly 5% on reports it's nearing a $14 billion Hugging Face acquisition, and Dell soaring up to 10% after beating earnings and raising guidance. A concentrated, quality/momentum-tilted book with exposure to these names would plausibly explain today's ~40bp edge over the broad-market SPY.

Market recap: The 10-year Treasury yield hit a high of 4.818% Wednesday — a level not seen since November 2023 — with yields also rising in the U.K., Germany and France. ADP reported private payrolls added just 38,000 jobs in August, the slowest since January. WTI crude settled up almost 1% near $91.01/barrel. QNTM's regime signal stayed NEUTRAL, VIX near 15, and conviction sat at 49.0 with only 3.6% of the 1,422-stock universe rated high-conviction.

What's next: Markets await a wave of after-hours tech earnings and Friday's nonfarm payrolls report for direction. This is research, not investment advice.