Thursday, October 8, 2026

QNTM Day Wrap — October 8, 2026

The QNTM model portfolio gained +1.76% today while SPY slipped -0.46%, a roughly 220 bps spread — one of the wider outperformance days this quarter.

What drove it: Today's SPY drag was concentrated, not broad. The S&P 500 fell 0.47% and the Nasdaq Composite tumbled 1.25% as Tech stocks took a hit after the Financial Times reported that OpenAI's annualized revenue was $20 billion lower than previously estimated , hitting chip and AI-adjacent names hard. With QNTM's 50-name model holding a quality/value tilt and lighter mega-cap AI-chip concentration under today's NEUTRAL regime read, it largely sidestepped that single-theme drawdown. Meanwhile, energy exposure caught a tailwind: Brent crude futures rose above $104 per barrel following reports that President Trump is considering plans for more strikes on Iran before the midterm elections , consistent with QNTM's WTI print near $91. That combination — avoiding the OpenAI-driven tech air pocket while holding energy/value — explains most of today's gap versus the cap-weighted benchmark.

Market recap: The Dow dropped 0.1%, the S&P 500 fell 0.7%, and the Nasdaq tumbled 1.6% intraday. The 10-year Treasury yield climbed four basis points to 5.32% , its highest since 2002, pressuring growth multiples alongside the oil spike.

What's next: With VIX subdued at 15.5 and conviction flat at 48 (only 2% of the 1,418-name universe flagged high-conviction), watch whether rising yields and oil, plus any Iran-related headlines, broaden beyond tech into the rest of the tape.

Research/education only — not investment advice.