# Daily Market Scan — 2026-04-08

## Executive read

A broad, high-conviction risk-on session: every major US index, both Chinese composites, Hang Seng, and emerging-market equity all rallied 2%+ in a single day, with VIX (VXX) collapsing -9.59% and 1D US-sector breadth at 7/8. The week's dominant theme is a sharp relief rally led by semis (SMH +10.31% 1W) and small caps (Russell 2000 +5.03% 1W), with energy (-5.24% 1W) and oil (USO -2.10% 1W, -9.78% 1D) as the conspicuous laggards. Underneath that, the 6-month regime still looks mixed: oil and gold lead (USO +70.96%, GLD +19.25%), Chinese tech and crypto remain in deep drawdown (Hang Seng Tech -20.53%, IBIT -43.30%), and US 1Y returns sit at the 99.6th percentile across indices and most sectors — a recovery on top of a year of strength rather than a fresh breakout.

## Today (1D)

- US equity rallied broadly: S&P 500 +2.51% (1D pct_rank 98.02), Nasdaq Comp +2.80% (98.41), Dow Jones +2.85% (99.21), Russell 2000 +2.99% (97.62).
- Semis and industrials led sector tape: SMH +5.76% (98.41), XLI +3.75% (99.21), XLK +3.10% (97.62); XLE was the lone decliner at -3.51% (0.79).
- China and HK posted outsized gains: STAR 50 +6.18%, ChiNext +5.91%, Hang Seng Tech +5.22%, SZSE Component +4.79%, CSI 300 +3.49%, Hang Seng +3.09%, SSE Composite +2.69%; A-shares 1D breadth was 5/5.
- Volatility and oil broke down hard while bonds and gold edged up: VXX -9.59% (1.59), USO -9.78% (0.00), UUP -0.79% (5.16), US 10Y Yield -0.92% (19.05), TLT +0.32%, GLD +0.63%.

## This week (1W)

- US sectors at 7/8 positive: SMH +10.31% (95.24... pct_rank 96.83), XLK +6.61% (95.24), XLI +5.39% (97.22), XLF +3.71% (96.83), XLV +2.09%, XLY +1.69%, XLP +0.98%; XLE -5.24% (1.59) was the outlier.
- Index breadth strong: Russell 2000 +5.03% (97.22), Nasdaq Comp +4.84% (93.25), S&P 500 +3.90% (94.44), Dow Jones +3.38% (95.63).
- China and EM participated: STAR 50 +7.67% (94.84), EEM +6.43% (98.81), ChiNext +5.11%, SZSE Component +4.19%, Hang Seng +3.77%, CSI 300 +3.27%, Hang Seng Tech +3.04%, SSE Composite +2.65%.
- Macro: VXX -11.32% (4.37), USO -2.10%, UUP -0.90%, US 10Y Yield -0.92%; IBIT +5.21%, GLD +0.99%, TLT +0.27%.

## This month (1M)

- US sector breadth halves to 4/8 positive: SMH +7.24%, XLE +3.07%, XLF +1.73%, XLK +1.38%; XLI -0.29%, XLV -2.98%, XLY -3.29%, XLP -3.71%.
- US indices roughly flat on the month: Russell 2000 +2.70%, Dow Jones +0.35%, S&P 500 -0.19%, Nasdaq Comp -0.27%.
- China A-shares 1M breadth only 1/5: ChiNext +4.33% the lone gainer; SZSE Component -0.18%, CSI 300 -0.43%, SSE Composite -2.48%, STAR 50 -2.72%. Hang Seng +2.26% and Hang Seng Tech +2.65% held up better.
- Macro: USO +19.41% (88.89) and IBIT +3.30% strong; GLD -8.04% (4.37) and TLT -2.59% (17.06) weak; US 10Y Yield +3.37% (86.51); UUP +0.25%.

## Half-year (6M)

- Energy and oil dominate: USO +70.96% (98.41), XLE +29.94% (92.86); SMH +23.16% rounds out the top tier.
- US indices and broad equity middling: Russell 2000 +5.53%, Dow Jones +2.60%, S&P 500 +0.63%, Nasdaq Comp -1.34%, XLK -1.47% (15.48), XLF -4.66% (9.92), XLY -7.61% (9.52); XLP +6.87% (93.65) and XLI +9.87% defensives/cyclicals held up.
- China mixed, HK tech and large-cap broken: SZSE Component +7.03%, ChiNext +7.48%, SSE Composite +4.53%, CSI 300 +1.68%, STAR 50 -3.88% (5.56); Hang Seng -0.90% (6.75), Hang Seng Tech -20.53% (3.17), FXI -12.20% (5.95).
- Macro divergence: GLD +19.25%, EEM +10.94%; UUP -0.33%, TLT -1.97%, IBIT -43.30% (1.98).

## Year (1Y)

- US 1Y returns sit at 99.6 pct_rank across S&P 500 +33.68%, Nasdaq Comp +45.21%, Dow Jones +25.04%, Russell 2000 +43.76%; SMH +133.92%, XLK +55.39%, XLE +47.41%, XLI +44.51% all also at 99.6.
- 1Y breadth is 8/8 US sectors and 5/5 A-shares positive; risk_on_score 3.
- China and HK lag the global cohort: SSE Composite +18.54% (47.22), CSI 300 +16.79% (49.21), SZSE Component +31.29% (65.08), ChiNext +55.52% (75.40), STAR 50 +29.33% (20.63); Hang Seng +10.26% (7.94), Hang Seng Tech -11.66% (7.94), FXI +11.03% (13.89).
- Macro: USO +83.42% (99.21), GLD +55.34%, EEM +48.94% (99.60); VXX -57.70% (0.00), TLT -6.39%, IBIT -15.28%, UUP -2.58%; US 10Y Yield +5.67%.

## 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 | 6,783 | +2.51% | +3.90% | -0.19% | -2.33% | +0.63% | +33.68% | -1.10% |
| Nasdaq Comp | 22,635 | +2.80% | +4.84% | -0.27% | -3.87% | -1.34% | +45.21% | -2.58% |
| Dow Jones | 47,910 | +2.85% | +3.38% | +0.35% | -3.14% | +2.60% | +25.04% | -0.98% |
| Russell 2000 | 260.47 | +2.99% | +5.03% | +2.70% | +1.71% | +5.53% | +43.76% | +4.70% |
| VIX (VXX) | 31.66 | -9.59% | -11.32% | -1.92% | +21.68% | -4.21% | -57.70% | +21.30% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 141.69 | +3.10% | +6.61% | +1.38% | -3.38% | -1.47% | +55.39% | -1.81% |
| XLF (Financials) | 51.20 | +2.65% | +3.71% | +1.73% | -9.22% | -4.66% | +15.84% | -6.79% |
| XLE (Energy) | 58.05 | -3.51% | -5.24% | +3.07% | +27.19% | +29.94% | +47.41% | +27.16% |
| XLV (Healthcare) | 149.67 | +2.12% | +2.09% | -2.98% | -5.33% | +3.85% | +10.64% | -3.76% |
| XLY (Cons Disc) | 110.82 | +2.83% | +1.69% | -3.29% | -8.47% | -7.61% | +21.25% | -6.36% |
| XLP (Cons Staples) | 82.78 | +1.87% | +0.98% | -3.71% | +6.85% | +6.87% | +5.51% | +6.55% |
| XLI (Industrials) | 170.44 | +3.75% | +5.39% | -0.29% | +5.20% | +9.87% | +44.51% | +7.89% |
| SMH (Semis) | 422.92 | +5.76% | +10.31% | +7.24% | +9.11% | +23.16% | +133.92% | +13.29% |

### China A-shares

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| SSE Composite | 3,995 | +2.69% | +2.65% | -2.48% | +0.75% | +4.53% | +18.54% | -0.71% |
| SZSE Component | 14,042 | +4.79% | +4.19% | -0.18% | +3.73% | +7.03% | +31.29% | +1.55% |
| CSI 300 | 4,596 | +3.49% | +3.27% | -0.43% | -0.94% | +1.68% | +16.79% | -2.59% |
| ChiNext | 3,348 | +5.91% | +5.11% | +4.33% | +3.88% | +7.48% | +55.52% | +1.61% |
| STAR 50 | 1,353 | +6.18% | +7.67% | -2.72% | +0.47% | -3.88% | +29.33% | -3.61% |

### Hong Kong

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Hang Seng | 25,893 | +3.09% | +3.77% | +2.26% | +1.02% | -0.90% | +10.26% | -1.69% |
| Hang Seng Tech | 4,923 | +5.22% | +3.04% | +2.65% | -10.75% | -20.53% | -11.66% | -14.18% |

### Global macro

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| UUP (USD index) | 27.53 | -0.79% | -0.90% | +0.25% | +1.36% | -0.33% | -2.58% | +1.55% |
| GLD (Gold) | 434.53 | +0.63% | +0.99% | -8.04% | +5.17% | +19.25% | +55.34% | +9.10% |
| USO (WTI Crude) | 124.58 | -9.78% | -2.10% | +19.41% | +81.84% | +70.96% | +83.42% | +80.66% |
| TLT (20Y+ UST) | 86.92 | +0.32% | +0.27% | -2.59% | -0.41% | -1.97% | -6.39% | -0.13% |
| IBIT (Bitcoin) | 40.42 | +3.38% | +5.21% | +3.30% | -22.94% | -43.30% | -15.28% | -20.65% |
| EEM (EM equity) | 60.44 | +5.46% | +6.43% | +3.40% | +5.52% | +10.94% | +48.94% | +7.47% |
| FXI (China lg-cap) | 36.35 | +2.45% | +1.25% | -0.36% | -8.92% | -12.20% | +11.03% | -8.71% |
| US 10Y Yield | 4.2900 | -0.92% | -0.92% | +3.37% | +3.37% | +3.87% | +5.67% | +2.39% |

### Breadth & risk-on

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