# Daily Market Scan — 2026-04-01

## Executive read

Risk assets snapped back today across both US and China equities while energy and gold rotated in opposite directions: WTI crude (USO) fell -2.48% after a parabolic run, gold (GLD) added +1.75%, and the VIX proxy VXX dropped -2.72%. The week prior had been the dominant theme of weak breadth — US sectors finished 2/8 positive and A-shares 1/5 positive on the 1W view, with a -3 risk_on_score. The 6-month regime remains energy-led and tech-lagged at the index level (XLE 6M +32.01%, XLK 6M -4.27%, Hang Seng Tech 6M -24.78%, SMH 6M +20.10%), while USO sits at a 98.81 6M percentile and IBIT at a 5.56 6M percentile.

## Today (1D)

- Strong breadth bounce: US sectors 6/8 positive and A-shares 5/5 positive, risk_on_score +3; STAR 50 led the China complex at +3.33% (1D pct_rank 95.24) and SMH led US sectors at +2.24% (pct_rank 86.51).
- Hong Kong outperformed: Hang Seng +2.04% and Hang Seng Tech +2.29%; CSI 300 +1.71% and ChiNext +1.96%.
- Commodities split: GLD +1.75% versus USO -2.48% and XLE -3.74% (XLE 1D pct_rank 1.19), while VXX fell -2.72%.
- Rates and dollar: US 10Y Yield +0.70% (level 4.33), TLT -0.50%, UUP -0.18%.

## This week (1W)

- Breadth was weak: US sectors 2/8 positive, A-shares 1/5 positive, risk_on_score -3; XLV +1.02% and XLF +0.20% were the only US sector gainers cited.
- Energy and crude diverged from equities: USO +9.44% (1W pct_rank 92.06) while XLE -2.64%; GLD +5.17% (1W pct_rank 91.27).
- China indices were mostly red on the week: ChiNext -2.09%, STAR 50 -1.31%, SZSE Component -0.68%, CSI 300 -0.25%; SSE Composite +0.43%.
- Hang Seng Tech -3.38% and IBIT -3.81% led risk-asset declines; VXX +1.40%.

## This month (1M)

- US indices were broadly negative: S&P 500 -3.54%, Nasdaq Comp -3.00%, Dow Jones -3.99%, Russell 2000 -3.73%; VXX +13.94% (1M pct_rank 84.13).
- US sector dispersion was wide: XLE +4.33% and SMH +0.23% on one side, XLP -7.16%, XLI -6.28%, XLV -5.75%, XLY -3.99%, XLF -3.46%, XLK -1.88% on the other.
- China A-shares were also down month-on-month: SSE Composite -4.22%, STAR 50 -6.50%, CSI 300 -2.79%, SZSE Component -2.25%; ChiNext +1.19%.
- Macro: USO +37.57% (1M pct_rank 93.65), GLD -6.48%, US 10Y Yield +6.65% (1M pct_rank 96.43), TLT -3.54%, UUP +0.98%.

## Half-year (6M)

- Energy dominated the 6M tape: USO +68.26% (6M pct_rank 98.81), XLE +32.01% (pct_rank 96.03), GLD +23.17%.
- Tech and crypto trailed: XLK -4.27% (pct_rank 11.11), Nasdaq Comp -3.61%, IBIT -40.55% (pct_rank 5.56), Hang Seng Tech -24.78% (pct_rank 0.4).
- China large-cap weakness: FXI -13.56% (pct_rank 1.98), Hang Seng -4.62% (pct_rank 4.76), STAR 50 -5.27% (pct_rank 1.59), CSI 300 -0.55%; SSE Composite +1.86%, SZSE Component +3.72%, ChiNext +3.18%.
- Rates and dollar: US 10Y Yield +3.10% (pct_rank 80.16), UUP +0.80% (pct_rank 75.0), TLT -3.48%.

## Year (1Y)

- Semis and tech led on 1Y: SMH +85.35% (1Y pct_rank 99.21), XLK +30.68% (pct_rank 93.25), Nasdaq Comp +26.25%, ChiNext +45.72%.
- Small-caps and EM strong: Russell 2000 +25.10% (1Y pct_rank 98.41), EEM +30.96%, SZSE Component +24.44%, XLI +25.45%.
- Energy and gold positive: XLE +26.21%, USO +60.47%, GLD +51.95%.
- Weak 1Y readings: Hang Seng Tech -17.09% (pct_rank 2.38), IBIT -17.45%, TLT -5.24%, XLF -0.74% (pct_rank 3.17), FXI -0.78%, US 10Y Yield -1.14%, UUP -2.84%.

## News context

_(No news headlines available — historical backfill; the RSS news corpus is 7-day-rolling and does not cover this date.)_

## Data issues

None.

## Snapshot & multi-horizon returns

### US equity (indices)

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| S&P 500 | 6,575 | +0.72% | -0.25% | -3.54% | -4.65% | -1.69% | +17.17% | -4.13% |
| Nasdaq Comp | 21,841 | +1.16% | -0.41% | -3.00% | -6.74% | -3.61% | +26.25% | -6.00% |
| Dow Jones | 46,566 | +0.48% | +0.29% | -3.99% | -3.72% | +0.36% | +10.87% | -3.75% |
| Russell 2000 | 249.56 | +0.63% | -0.90% | -3.73% | +0.62% | +3.14% | +25.10% | +0.31% |
| VIX (VXX) | 34.73 | -2.72% | +1.40% | +13.94% | +32.15% | +4.73% | -32.52% | +33.07% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 134.91 | +1.51% | -1.35% | -1.88% | -7.22% | -4.27% | +30.68% | -6.51% |
| XLF (Financials) | 49.44 | +0.14% | +0.20% | -3.46% | -10.40% | -8.22% | -0.74% | -9.99% |
| XLE (Energy) | 58.97 | -3.74% | -2.64% | +4.33% | +31.16% | +32.01% | +26.21% | +29.18% |
| XLV (Healthcare) | 147.73 | +0.76% | +1.02% | -5.75% | -5.11% | +6.15% | +1.18% | -5.00% |
| XLY (Cons Disc) | 109.80 | +0.75% | -0.84% | -3.99% | -8.77% | -8.36% | +11.21% | -7.22% |
| XLP (Cons Staples) | 81.46 | -0.63% | -0.06% | -7.16% | +4.24% | +3.94% | -0.26% | +4.85% |
| XLI (Industrials) | 164.43 | +1.67% | -0.41% | -6.28% | +5.12% | +6.61% | +25.45% | +4.08% |
| SMH (Semis) | 391.97 | +2.24% | -1.77% | +0.23% | +7.89% | +20.10% | +85.35% | +5.00% |

### China A-shares

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| SSE Composite | 3,949 | +1.46% | +0.43% | -4.22% | +0.73% | +1.86% | +15.13% | -1.86% |
| SZSE Component | 13,707 | +1.70% | -0.68% | -2.25% | +2.52% | +3.72% | +24.44% | -0.88% |
| CSI 300 | 4,526 | +1.71% | -0.25% | -2.79% | -2.05% | -0.55% | +12.93% | -4.06% |
| ChiNext | 3,248 | +1.96% | -2.09% | +1.19% | +1.33% | +3.18% | +45.72% | -1.43% |
| STAR 50 | 1,298 | +3.33% | -1.31% | -6.50% | -3.12% | -5.27% | +19.12% | -7.50% |

### Hong Kong

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Hang Seng | 25,294 | +2.04% | -0.17% | -1.84% | -1.33% | -4.62% | +5.81% | -3.97% |
| Hang Seng Tech | 4,756 | +2.29% | -3.38% | -2.46% | -13.25% | -24.78% | -17.09% | -17.08% |

### Global macro

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| UUP (USD index) | 27.73 | -0.18% | +0.11% | +0.98% | +2.51% | +0.80% | -2.84% | +2.29% |
| GLD (Gold) | 437.82 | +1.75% | +5.17% | -6.48% | +9.76% | +23.17% | +51.95% | +9.93% |
| USO (WTI Crude) | 124.09 | -2.48% | +9.44% | +37.57% | +77.93% | +68.26% | +60.47% | +79.94% |
| TLT (20Y+ UST) | 86.26 | -0.50% | -0.67% | -3.54% | -1.82% | -3.48% | -5.24% | -0.88% |
| IBIT (Bitcoin) | 38.64 | +0.57% | -3.81% | -0.16% | -22.46% | -40.55% | -17.45% | -24.15% |
| EEM (EM equity) | 57.23 | +0.77% | -0.33% | -2.04% | +4.28% | +7.17% | +30.96% | +1.76% |
| FXI (China lg-cap) | 35.56 | -0.95% | -1.22% | -1.39% | -8.04% | -13.56% | -0.78% | -10.70% |
| US 10Y Yield | 4.3300 | +0.70% | +0.00% | +6.65% | +4.59% | +3.10% | -1.14% | +3.34% |

### Breadth & risk-on

| Horizon | US sectors + | A-shares + | risk_on_score |
|---|---:|---:|---:|
| 1D | 6/8 | 5/5 | 3 |
| 1W | 2/8 | 1/5 | -3 |
| 1M | 2/8 | 1/5 | 1 |
| 3M | 4/8 | 3/5 | 1 |
| 6M | 5/8 | 3/5 | 1 |
| 1Y | 6/8 | 5/5 | 3 |