Tuesday, September 22, 2026

QNTM Day Wrap — September 22, 2026

The model portfolio (50 names) fell -1.13% vs. SPY's roughly flat +0.02%, a wide one-day gap in an otherwise quiet tape.

What drove it: The divergence traces to sector mix. A renewed rally in chipmakers drove the Nasdaq toward a record on hopes for diplomatic progress on Iran, with the semiconductor advance offsetting a selloff in bank shares. QNTM's book carried limited exposure to the semiconductor names doing the heavy lifting, while its financials weighting caught the brunt of the bank-share pressure — turning a flat index day into a losing one for the model.

Market recap: US stocks were little changed Tuesday, with the Nasdaq Composite on pace to notch a second record high close in a row as oil prices fell. The VIX slid to 14.24, down 4.22% — consistent with QNTM's read of a calmer, RISK_ON tape (our print: 14.19). Oil eased too: Crude fell 3.14% to $89.47 , near QNTM's $89.94 mark, as Saudi Arabia sought to resume flows on its East-West pipeline, aiming to restore exports later this week after drone-attack repairs.

Conviction across QNTM's 1,420-name universe held at 48.5, with only 2% scoring high-conviction — a neutral, low-conviction backdrop despite the risk-on tag.

What's next: Watch for follow-through on Iran diplomacy and Saudi pipeline restart progress; either could keep pressuring oil and reshuffle sector leadership again.

Research/education only — not investment advice.