# Daily Market Scan — 2026-04-06

## Executive read

US risk assets extended a sharp rebound: the S&P 500 rose +0.44% on the day to 6,611.83, the Nasdaq added +0.54%, and VXX slid another -2.36% as fear unwound. The dominant weekly theme is a high-breadth recovery in US equities (7 of 8 sectors positive on both 1D and 1W) layered against a still-negative one-month picture (only 2 of 8 sectors positive on 1M). Over six months the regime is split: US tech (XLK -4.40%) and consumer discretionary (XLY -8.91%) sit deep in the red while energy (XLE +34.96%), gold (GLD +20.54%), and crude (USO +94.21%) sit at the top of their 6M percentile ranks. China and Hong Kong are still in their own regime — Hang Seng Tech is -26.65% over six months at a 0.0 percentile rank.

## Today (1D)

- US large caps led on the day: S&P 500 +0.44% (1D pct_rank 68.25), Nasdaq Comp +0.54% (pct_rank 66.67), Dow Jones +0.36%, Russell 2000 +0.43%.
- US sector breadth was wide: 7 of 8 sectors positive (87.5%); XLP (Cons Staples) +0.94%, SMH (Semis) +0.93%, IBIT +4.08% (1D pct_rank 93.25); only XLV (Healthcare) was down at -0.36%.
- Volatility kept compressing: VXX -2.36% (1D pct_rank 24.6) while US10Y dipped -0.23% to 4.34.
- China/HK closed lower on their last available prints: Hang Seng Tech -1.63%, SSE Composite -1.00%, SZSE Component -0.99%, CSI 300 -0.85%; A-shares breadth was 0 of 5 positive (see Data issues for the staleness caveat).

## This week (1W)

- US equities had a strong week: Nasdaq +5.00% (1W pct_rank 94.44), S&P 500 +3.82% (pct_rank 94.84), Dow +3.33% (pct_rank 95.63), Russell 2000 +3.81%; SMH led sectors at +5.81% and XLK at +5.28%.
- Crude detached from the rest of the macro complex: USO +11.87% (1W pct_rank 94.44) even as XLE -4.60% (pct_rank 2.78) — the energy ETF and the oil-tracker disagreed on the week.
- Volatility collapse continued: VXX -14.03% (1W pct_rank 3.17), TLT +1.18%, GLD +3.12%, IBIT +5.67%.
- A-shares and HK diverged from the US rally: SZSE Component -2.96%, ChiNext -4.44%, STAR 50 -3.42%, CSI 300 -1.37%; A-shares breadth was 0 of 5 positive (1W).

## This month (1M)

- US indices are still net-down over 1M despite the rebound: S&P 500 -3.20%, Nasdaq -3.31%, Dow -2.68%, Russell 2000 -1.71%; sector breadth 2 of 8 positive (25.0%).
- The 1M sector split favored defensives and oil over discretionary: XLE +5.67%, SMH +0.16% are the only positives; XLY -6.44% (1M pct_rank 5.16), XLV -4.96%, XLI -4.33%.
- Vol and rates pushed higher on 1M: VXX +8.00%, US10Y +4.58% (1M pct_rank 91.67), UUP +1.27%.
- GLD broke down on the month at -8.26% (1M pct_rank 3.57) even though crude (USO +44.26%, 1M pct_rank 94.84) ran hard; STAR 50 -10.61% led the China-side weakness.

## Half-year (6M)

- The 6M regime is energy-led: USO +94.21% (6M pct_rank 99.6), XLE +34.96% (pct_rank 97.62), GLD +20.54%, SMH +17.07%.
- US large-cap tech is in a 6M drawdown: XLK -4.40% (6M pct_rank 10.71), Nasdaq -3.71% (pct_rank 11.11), XLY -8.91% (pct_rank 5.56), XLF -6.50% (pct_rank 6.75); S&P 500 -1.54%.
- Hong Kong is the weakest 6M complex: Hang Seng Tech -26.65% (6M pct_rank 0.0), Hang Seng -5.17%, FXI -14.85% (pct_rank 0.4); IBIT -42.53% (pct_rank 2.78) is the deepest 6M loser on the list.
- Rates and the dollar drifted higher: US10Y +5.34% (6M pct_rank 89.68), UUP +1.05% (pct_rank 77.38); TLT -3.24%.

## Year (1Y)

- Semis and US tech dominate the 1Y leaderboard: SMH +84.96% (1Y pct_rank 98.81), USO +78.72% (pct_rank 99.21), GLD +48.41%, ChiNext +43.16%, XLK +30.56% (pct_rank 92.46), EEM +30.09%, XLE +26.80%, Nasdaq +24.97% (pct_rank 80.16), Russell 2000 +24.52% (pct_rank 97.62).
- US sector breadth on 1Y is wide: 7 of 8 sectors positive (87.5%); XLF is the lone laggard at -0.56% (1Y pct_rank 3.57).
- A-shares breadth on 1Y is 5 of 5 positive (100%): SZSE Component +22.73%, STAR 50 +17.98%, SSE Composite +13.82%, CSI 300 +11.72%.
- IBIT (-20.02%) and Hang Seng Tech (-15.20%) are the only meaningful 1Y declines among non-rate instruments; TLT -5.23%, UUP -2.18%.

## News context

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

## Data issues

- **SSE Composite** (sh000001): stale: 3 days since last close
- **SZSE Component** (sz399001): stale: 3 days since last close
- **CSI 300** (sh000300): stale: 3 days since last close
- **ChiNext** (sz399006): stale: 3 days since last close
- **STAR 50** (sh000688): stale: 3 days since last close
- **Hang Seng** (HSI): stale: 4 days since last close
- **Hang Seng Tech** (HSTECH): stale: 4 days since last close

## Snapshot & multi-horizon returns

### US equity (indices)

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| S&P 500 | 6,612 | +0.44% | +3.82% | -3.20% | -3.60% | -1.54% | +16.59% | -3.60% |
| Nasdaq Comp | 21,996 | +0.54% | +5.00% | -3.31% | -5.33% | -3.71% | +24.97% | -5.33% |
| Dow Jones | 46,670 | +0.36% | +3.33% | -2.68% | -3.54% | +0.32% | +10.53% | -3.54% |
| Russell 2000 | 252.36 | +0.43% | +3.81% | -1.71% | +1.44% | +3.42% | +24.52% | +1.44% |
| VIX (VXX) | 33.88 | -2.36% | -14.03% | +8.00% | +29.81% | +1.32% | -32.36% | +29.81% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 136.78 | +0.58% | +5.28% | -2.43% | -5.21% | -4.40% | +30.56% | -5.21% |
| XLF (Financials) | 49.88 | +0.71% | +4.33% | -2.64% | -9.19% | -6.50% | -0.56% | -9.19% |
| XLE (Energy) | 59.68 | +0.73% | -4.60% | +5.67% | +30.73% | +34.96% | +26.80% | +30.73% |
| XLV (Healthcare) | 146.28 | -0.36% | +2.11% | -4.96% | -5.94% | +2.16% | +1.37% | -5.94% |
| XLY (Cons Disc) | 109.04 | +0.82% | +3.18% | -6.44% | -7.87% | -8.91% | +7.26% | -7.87% |
| XLP (Cons Staples) | 82.66 | +0.94% | +1.08% | -3.22% | +6.40% | +6.06% | +1.36% | +6.40% |
| XLI (Industrials) | 164.61 | +0.51% | +3.40% | -4.33% | +4.20% | +6.75% | +23.72% | +4.20% |
| SMH (Semis) | 395.98 | +0.93% | +5.81% | +0.16% | +6.08% | +17.07% | +84.96% | +6.08% |

### 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) | 27.83 | -0.11% | -0.04% | +1.27% | +2.66% | +1.05% | -2.18% | +2.66% |
| GLD (Gold) | 427.65 | -0.41% | +3.12% | -8.26% | +7.37% | +20.54% | +48.41% | +7.37% |
| USO (WTI Crude) | 138.94 | +0.74% | +11.87% | +44.26% | +101.48% | +94.21% | +78.72% | +101.48% |
| TLT (20Y+ UST) | 86.65 | -0.16% | +1.18% | -2.41% | -0.44% | -3.24% | -5.23% | -0.44% |
| IBIT (Bitcoin) | 39.52 | +4.08% | +5.67% | -2.15% | -22.42% | -42.53% | -20.02% | -22.42% |
| EEM (EM equity) | 57.11 | +0.92% | +3.46% | -0.90% | +1.55% | +5.62% | +30.09% | +1.55% |
| FXI (China lg-cap) | 35.55 | -0.03% | +2.01% | -0.08% | -10.72% | -14.85% | +0.03% | -10.72% |
| US 10Y Yield | 4.3400 | -0.23% | -0.23% | +4.58% | +4.08% | +5.34% | +4.08% | +3.58% |

### Breadth & risk-on

| Horizon | US sectors + | A-shares + | risk_on_score |
|---|---:|---:|---:|
| 1D | 7/8 | 0/5 | 3 |
| 1W | 7/8 | 0/5 | 1 |
| 1M | 2/8 | 0/5 | 1 |
| 3M | 4/8 | 0/5 | 1 |
| 6M | 5/8 | 3/5 | 1 |
| 1Y | 7/8 | 5/5 | 3 |

### Data issues

- **SSE Composite** (sh000001): stale: 3 days since last close
- **SZSE Component** (sz399001): stale: 3 days since last close
- **CSI 300** (sh000300): stale: 3 days since last close
- **ChiNext** (sz399006): stale: 3 days since last close
- **STAR 50** (sh000688): stale: 3 days since last close
- **Hang Seng** (HSI): stale: 4 days since last close
- **Hang Seng Tech** (HSTECH): stale: 4 days since last close