# Daily Market Scan — 2026-04-03

## Executive read

US equities posted a modestly positive session with the S&P 500 +0.11%, Nasdaq Comp +0.18%, and Russell 2000 +0.69%, while the Dow Jones slipped -0.13%; China A-shares were uniformly weaker, with the SSE Composite -1.00%, CSI 300 -0.85%, and STAR 50 -0.47%. The week's dominant theme is an energy-and-commodity shock: USO is +17.62% on the week and +50.63% over the month, with WTI crude tracking at extreme percentile ranks (1W pct_rank 97.62, 1M 97.22). The six-month regime shows broad US equity weakness (S&P 500 -1.91%, Nasdaq Comp -3.85%, XLK -4.44%) paired with extraordinary energy strength (XLE +32.64%, USO +88.57%) and a deep Hang Seng Tech drawdown (-26.65%). VIX (VXX) sits at 34.70 with 1M return +17.75% (pct_rank 84.92), pointing to elevated near-term vol versus the prior six months.

## Today (1D)

- US sector breadth was modestly positive: 5/8 US sectors green and risk_on_score -1; XLK +0.80% and XLP +0.53% led, while XLY -1.50% and XLV -0.62% lagged.
- USO printed +11.15% on the day (1D pct_rank 99.21), the standout move; GLD slipped -1.92% (1D pct_rank 8.73) and UUP added +0.47% (1D pct_rank 84.92).
- China was uniformly red: SSE Composite -1.00%, SZSE Component -0.99%, CSI 300 -0.85%, ChiNext -0.73%, STAR 50 -0.47% — 0/5 A-shares positive.
- Hang Seng -0.70% and Hang Seng Tech -1.63%; IBIT (Bitcoin) -1.73% and EEM -1.12% also weakened, while TLT added +0.61% and the US 10Y yield rose +0.93%.

## This week (1W)

- Crude dominated: USO +17.62% (1W pct_rank 97.62) and GLD +7.18% (1W pct_rank 95.63); XLE fell -3.69% on the week (1W pct_rank 5.95), an unusual split between the commodity and the equity sleeve.
- US equity tone was firm: S&P 500 +1.63%, Nasdaq Comp +2.20%, Russell 2000 +1.56%, XLK +2.63%, SMH +3.01%; 6/8 US sectors positive and risk_on_score 3.
- China A-shares were broadly lower on the week: SSE Composite -0.86%, SZSE Component -2.96%, CSI 300 -1.37%, ChiNext -4.44%, STAR 50 -3.42% (0/5 A-shares positive).
- US 10Y yield -2.03% on the week alongside TLT +0.79%, with VXX -5.24% (1W pct_rank 22.62).

## This month (1M)

- US equities and most sectors are sharply lower over one month: S&P 500 -4.18%, Nasdaq Comp -4.07%, Dow Jones -4.59%, Russell 2000 -4.00%, XLY -7.08%, XLI -6.93%, XLV -6.52%, XLP -6.05%, XLF -3.83%, XLK -2.75% — only 1/8 US sectors positive.
- Energy is the exception: XLE +5.45% (1M pct_rank 72.62) and USO +50.63% (1M pct_rank 97.22); VXX is +17.75% (1M pct_rank 84.92).
- Among Chinese benchmarks, STAR 50 fell -10.61% (1M pct_rank 5.56), CSI 300 -4.45%, SSE Composite -5.56%, SZSE Component -5.22%, ChiNext -2.09%.
- US 10Y yield +5.33% (1M pct_rank 93.25); GLD -8.98% (1M pct_rank 3.17); IBIT -8.37%.

## Half-year (6M)

- USO +88.57% and XLE +32.64% (both pct_rank 99.6 / 96.83 respectively) anchor the energy/commodity regime; GLD is +20.61% over six months.
- US equities are mixed-to-soft: S&P 500 -1.91%, Nasdaq Comp -3.85%, XLK -4.44%, XLF -7.23%, XLY -10.30%, vs Dow Jones +0.14%, XLI +6.48%, XLP +4.65%, SMH +17.57%; breadth 5/8 US sectors positive, risk_on_score 1.
- IBIT (Bitcoin) is -43.11% (6M pct_rank 1.98) and Hang Seng Tech is -26.65% (6M pct_rank 0.0) — the two deepest 6M drawdowns in the watchlist; FXI is -14.06% (6M pct_rank 1.19).
- TLT is -2.80% over six months, with the US 10Y yield up +4.57%; UUP is +1.31% (6M pct_rank 80.16).

## Year (1Y)

- US large- and mid-cap leadership is intact on a 1Y view: S&P 500 +16.86%, Nasdaq Comp +25.38%, Russell 2000 +25.95%, XLK +30.77%, SMH +84.63% (1Y pct_rank 98.81); 7/8 US sectors positive, risk_on_score 3.
- Energy/commodities: USO +78.93% (1Y pct_rank 99.6), XLE +26.06%, GLD +49.32%; EEM +29.08% rounds out the broader risk picture.
- China is positive across A-shares (5/5) over the year — SSE Composite +13.82%, SZSE Component +22.73%, CSI 300 +11.72%, ChiNext +43.16%, STAR 50 +17.98% — but Hong Kong lags: Hang Seng +7.59% and Hang Seng Tech -15.20% (1Y pct_rank 6.75); FXI -0.56%.
- Rates and crypto headwinds: TLT -5.14%, US 10Y yield +2.84%, IBIT -21.39%, XLF -0.44%, UUP -2.49%.

## 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 | 6,583 | +0.11% | +1.63% | -4.18% | -3.84% | -1.91% | +16.86% | -4.02% |
| Nasdaq Comp | 21,879 | +0.18% | +2.20% | -4.07% | -5.86% | -3.85% | +25.38% | -5.84% |
| Dow Jones | 46,505 | -0.13% | +1.18% | -4.59% | -3.24% | +0.14% | +10.75% | -3.88% |
| Russell 2000 | 251.29 | +0.69% | +1.56% | -4.00% | +2.08% | +3.63% | +25.95% | +1.01% |
| VIX (VXX) | 34.70 | -0.09% | -5.24% | +17.75% | +31.09% | +5.25% | -32.60% | +32.95% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 135.99 | +0.80% | +2.63% | -2.75% | -5.54% | -4.44% | +30.77% | -5.76% |
| XLF (Financials) | 49.53 | +0.18% | +0.98% | -3.83% | -9.57% | -7.23% | -0.44% | -9.83% |
| XLE (Energy) | 59.25 | +0.47% | -3.69% | +5.45% | +32.52% | +32.64% | +26.06% | +29.79% |
| XLV (Healthcare) | 146.81 | -0.62% | +0.73% | -6.52% | -5.16% | +2.33% | +2.42% | -5.59% |
| XLY (Cons Disc) | 108.15 | -1.50% | -0.62% | -7.08% | -9.43% | -10.30% | +8.41% | -8.62% |
| XLP (Cons Staples) | 81.89 | +0.53% | +0.92% | -6.05% | +5.42% | +4.65% | +0.12% | +5.41% |
| XLI (Industrials) | 163.77 | -0.40% | +1.55% | -6.93% | +5.58% | +6.48% | +24.25% | +3.67% |
| SMH (Semis) | 392.32 | +0.09% | +3.01% | -1.70% | +8.94% | +17.57% | +84.63% | +5.10% |

### China A-shares

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| SSE Composite | 3,880 | -1.00% | -0.86% | -5.56% | -2.01% | +1.57% | +13.82% | -3.56% |
| SZSE Component | 13,353 | -0.99% | -2.96% | -5.22% | -1.32% | +2.16% | +22.73% | -3.44% |
| CSI 300 | 4,441 | -0.85% | -1.37% | -4.45% | -4.35% | -1.36% | +11.72% | -5.87% |
| ChiNext | 3,150 | -0.73% | -4.44% | -2.09% | -2.77% | +1.90% | +43.16% | -4.40% |
| STAR 50 | 1,256 | -0.47% | -3.42% | -10.61% | -6.88% | -7.81% | +17.98% | -10.49% |

### Hong Kong

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Hang Seng | 25,117 | -0.70% | +1.05% | -0.53% | -2.85% | -5.17% | +7.59% | -4.64% |
| Hang Seng Tech | 4,679 | -1.63% | -1.73% | -3.11% | -16.12% | -26.65% | -15.20% | -18.43% |

### Global macro

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| UUP (USD index) | 27.86 | +0.47% | +0.18% | +1.64% | +3.07% | +1.31% | -2.49% | +2.77% |
| GLD (Gold) | 429.41 | -1.92% | +7.18% | -8.98% | +8.35% | +20.61% | +49.32% | +7.82% |
| USO (WTI Crude) | 137.92 | +11.15% | +17.62% | +50.63% | +99.42% | +88.57% | +78.93% | +100.00% |
| TLT (20Y+ UST) | 86.79 | +0.61% | +0.79% | -2.65% | -0.42% | -2.80% | -5.14% | -0.28% |
| IBIT (Bitcoin) | 37.97 | -1.73% | -2.19% | -8.37% | -23.52% | -43.11% | -21.39% | -25.46% |
| EEM (EM equity) | 56.59 | -1.12% | +2.02% | -4.17% | +3.44% | +5.15% | +29.08% | +0.62% |
| FXI (China lg-cap) | 35.56 | +0.00% | +1.80% | -1.80% | -7.13% | -14.06% | -0.56% | -10.70% |
| US 10Y Yield | 4.3500 | +0.93% | -2.03% | +5.33% | +3.82% | +4.57% | +2.84% | +3.82% |

### Breadth & risk-on

| Horizon | US sectors + | A-shares + | risk_on_score |
|---|---:|---:|---:|
| 1D | 5/8 | 0/5 | -1 |
| 1W | 6/8 | 0/5 | 3 |
| 1M | 1/8 | 0/5 | 1 |
| 3M | 4/8 | 0/5 | 1 |
| 6M | 5/8 | 3/5 | 1 |
| 1Y | 7/8 | 5/5 | 3 |