# Daily Market Scan — 2026-04-07

## Executive read

US equities edged higher on a quiet session, with the S&P 500 up +0.08%, Nasdaq +0.10%, and Russell 2000 +0.22%, while the Dow slipped -0.18%. The dominant 1W theme is a powerful US-equity rebound — SMH +10.31%, XLK +7.79%, Nasdaq +5.88%, Russell 2000 +5.55% — even as VXX fell -10.57% on the week despite a +3.36% intraday pop. The 6-month regime remains mixed: energy and gold lead (XLE +35.33%, GLD +20.74%), crude has gone vertical (USO +92.55%), while crypto (IBIT -43.99%) and Hong Kong tech (HSTECH -26.65%) are in deep drawdowns and China large-caps (FXI -14.34%) remain weak.

## Today (1D)

- VIX proxy VXX jumped +3.36% (pct_rank 86.11) even as the S&P 500 closed +0.08% and Nasdaq +0.10% — a small divergence between cash equities and implied-vol.
- Sector dispersion was wide: SMH +0.99% and XLK +0.48% led, while XLP -1.69% (pct_rank 2.38, lowest 1D rank in the sleeve) and XLY -1.16% lagged.
- China onshore was firm: STAR 50 +1.42%, SZSE Component +0.36%, ChiNext +0.36%, SSE Composite +0.26%; CSI 300 flat at -0.0%. A-share breadth was 4/5 positive (1D risk_on_score 1).
- Macro mixed: GLD +0.97%, USO -0.62%, UUP -0.29%, US 10Y Yield -0.23%, IBIT -1.06%, TLT -0.01%.

## This week (1W)

- US risk assets staged a sharp rebound: SMH +10.31%, XLK +7.79%, Nasdaq +5.88%, Russell 2000 +5.55%, S&P 500 +4.31%, Dow +3.03% — all 1W pct_ranks 94–98.
- US sector breadth flipped risk-on at 6/8 positive (risk_on_score 3); laggards were XLE -2.91% and XLP -0.76%.
- VXX fell -10.57% on the week (pct_rank 5.95), confirming the vol-compression alongside the equity bounce.
- China A-share breadth was 0/5 positive on 1W: ChiNext -3.44%, SZSE Component -2.37%, STAR 50 -1.22%, CSI 300 -1.14%, SSE Composite -0.84%. Crude (USO +6.35%) and gold (GLD +4.16%) added to the macro tailwind.

## This month (1M)

- Equities net-negative despite the week: S&P 500 -1.83%, Nasdaq -1.65%, Dow -1.93%, while Russell 2000 held +0.81% and SMH +5.08%.
- 1M US sector breadth deteriorated to 3/8 positive (risk_on_score 3): XLY -5.83%, XLP -5.27%, XLV -4.01%, XLI -3.33%, XLF -1.36% drag against XLE +6.35%, SMH +5.08%, XLK +0.10%.
- China onshore weak across the board: STAR 50 -9.93%, SSE Composite -5.67%, SZSE Component -5.45%, CSI 300 -4.72%, ChiNext -2.12% (A-share breadth 0/5).
- Macro: USO +26.95% (pct_rank 91.27), US 10Y Yield +5.10% (pct_rank 92.46), UUP +1.02%; GLD -8.81% (pct_rank 3.57), TLT -2.06%.

## Half-year (6M)

- US sectors split sharply: XLE +35.33% (pct_rank 97.62) and SMH +18.78% led; XLY -9.38%, XLF -7.15%, XLK -3.46% lagged. US sector breadth 5/8 positive (risk_on_score 1).
- US indices net-flat-to-down: Russell 2000 +2.88%, Dow -0.37%, S&P 500 -1.47%, Nasdaq -3.35%.
- Macro extremes: USO +92.55% (pct_rank 99.21) and GLD +20.74%; IBIT -43.99% (pct_rank 1.19, max_dd -49.36%) and TLT -3.07%.
- China/HK divergence: SZSE Component +1.84%, SSE Composite +1.61%, ChiNext +1.70%, CSI 300 -1.81%, STAR 50 -9.56% (pct_rank 0.0); FXI -14.34% and Hang Seng -5.17% (on stale 4/2 prints).

## Year (1Y)

- Strongest 1Y returns: SMH +104.48%, USO +91.11%, GLD +50.76%, ChiNext +46.86%, XLK +40.79%, XLE +38.71%, EEM +33.37%, Russell 2000 +33.36%, Nasdaq +33.03%, XLI +30.54% — most carry pct_rank 99.6.
- US 1Y sector breadth 7/8 positive (risk_on_score 3); the only US sector negative is XLP -0.93%. A-share breadth 5/5 positive (SSE +15.61%, SZSE +25.38%, CSI 300 +13.43%, ChiNext +46.86%, STAR 50 +22.16%).
- Notable 1Y negatives: VXX -43.96%, IBIT -16.04%, Hang Seng Tech -15.20%, TLT -5.67%, UUP -0.72%.
- Dow +14.89% and XLF +4.59% and XLV +2.40% are the milder positives; Hang Seng +7.59% and FXI +0.74% sit near the bottom of the equity sleeve.

## News context

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

## Data issues

- **Hang Seng** (HSI): stale: 5 days since last close
- **Hang Seng Tech** (HSTECH): stale: 5 days since last close

## Snapshot & multi-horizon returns

### US equity (indices)

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| S&P 500 | 6,617 | +0.08% | +4.31% | -1.83% | -4.13% | -1.47% | +22.61% | -3.52% |
| Nasdaq Comp | 22,018 | +0.10% | +5.88% | -1.65% | -5.89% | -3.35% | +33.03% | -5.24% |
| Dow Jones | 46,584 | -0.18% | +3.03% | -1.93% | -4.89% | -0.37% | +14.89% | -3.72% |
| Russell 2000 | 252.91 | +0.22% | +5.55% | +0.81% | +0.07% | +2.88% | +33.36% | +1.66% |
| VIX (VXX) | 35.02 | +3.36% | -10.57% | -1.82% | +32.75% | +5.32% | -43.96% | +34.18% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 137.43 | +0.48% | +7.79% | +0.10% | -4.97% | -3.46% | +40.79% | -4.76% |
| XLF (Financials) | 49.88 | +0.00% | +3.14% | -1.36% | -11.13% | -7.15% | +4.59% | -9.19% |
| XLE (Energy) | 60.16 | +0.80% | -2.91% | +6.35% | +28.30% | +35.33% | +38.71% | +31.79% |
| XLV (Healthcare) | 146.57 | +0.20% | +1.91% | -4.01% | -5.46% | +1.21% | +2.40% | -5.75% |
| XLY (Cons Disc) | 107.77 | -1.16% | +2.00% | -5.83% | -10.42% | -9.38% | +12.83% | -8.94% |
| XLP (Cons Staples) | 81.26 | -1.69% | -0.76% | -5.27% | +5.05% | +4.14% | -0.93% | +4.60% |
| XLI (Industrials) | 164.28 | -0.20% | +4.90% | -3.33% | +2.77% | +6.39% | +30.54% | +3.99% |
| SMH (Semis) | 399.90 | +0.99% | +10.31% | +5.08% | +5.91% | +18.78% | +104.48% | +7.13% |

### China A-shares

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| SSE Composite | 3,890 | +0.26% | -0.84% | -5.67% | -1.85% | +1.61% | +15.61% | -3.31% |
| SZSE Component | 13,400 | +0.36% | -2.37% | -5.45% | -1.50% | +1.84% | +25.38% | -3.10% |
| CSI 300 | 4,441 | +-0.00% | -1.14% | -4.72% | -4.65% | -1.81% | +13.43% | -5.87% |
| ChiNext | 3,161 | +0.36% | -3.44% | -2.12% | -2.56% | +1.70% | +46.86% | -4.06% |
| STAR 50 | 1,274 | +1.42% | -1.22% | -9.93% | -5.34% | -9.56% | +22.16% | -9.22% |

### 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) | 27.75 | -0.29% | -0.82% | +1.02% | +2.51% | +0.95% | -0.72% | +2.36% |
| GLD (Gold) | 431.81 | +0.97% | +4.16% | -8.81% | +5.64% | +20.74% | +50.76% | +8.42% |
| USO (WTI Crude) | 138.08 | -0.62% | +6.35% | +26.95% | +96.64% | +92.55% | +91.11% | +100.23% |
| TLT (20Y+ UST) | 86.64 | -0.01% | -0.16% | -2.06% | -0.94% | -3.07% | -5.67% | -0.45% |
| IBIT (Bitcoin) | 39.10 | -1.06% | +3.77% | +1.30% | -26.86% | -43.99% | -16.04% | -23.24% |
| EEM (EM equity) | 57.31 | +0.35% | +4.68% | -0.02% | +0.79% | +5.68% | +33.37% | +1.90% |
| FXI (China lg-cap) | 35.48 | -0.20% | +1.37% | -0.95% | -11.14% | -14.34% | +0.74% | -10.90% |
| US 10Y Yield | 4.3300 | -0.23% | +0.70% | +5.10% | +3.59% | +5.61% | +3.10% | +3.34% |

### Breadth & risk-on

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

### Data issues

- **Hang Seng** (HSI): stale: 5 days since last close
- **Hang Seng Tech** (HSTECH): stale: 5 days since last close