# Daily Market Scan — 2026-04-09

## Executive read

US equities pushed higher across the board today, with the Nasdaq Comp +0.83% leading the major indices and the S&P 500 +0.62% closing at 6,824.66. The week's dominant theme is a sharp risk-on snapback: US sectors went 7/8 positive and A-shares 5/5 positive over 1W (risk_on_score 3), with SMH +9.78% and XLK +5.31% leading and VXX -12.50% as volatility unwound. The 6-month regime remains split — Energy (XLE +28.13%) and Semis (SMH +27.67%) extend their run while Hang Seng Tech -23.76% and IBIT -40.82% sit at the other extreme, against a 1Y backdrop where every US sector is positive (8/8) and Semis are up +132.73%.

## Today (1D)

- Major US indices broadly higher: Nasdaq Comp +0.83%, S&P 500 +0.62%, Dow Jones +0.58%, Russell 2000 +0.57%; VXX -4.01% to 30.39 (1D pct_rank 11.11).
- Sector leadership tilted cyclical/growth: SMH +1.75%, XLY (Cons Disc) +1.73% (1D pct_rank 91.27), XLI +1.03%; laggards XLE -1.24% and XLV -0.23%.
- China and Hong Kong slipped: SSE Composite -0.72%, ChiNext -0.73%, CSI 300 -0.64%, Hang Seng -0.54%, Hang Seng Tech -2.06% (1D pct_rank 10.71). US sectors breadth 6/8 positive vs. A-shares 0/5.
- Macro mixed: USO +1.91%, GLD +0.78%, IBIT +1.21%; UUP -0.18%, TLT -0.25%, US 10Y Yield flat at 4.29 (+0.00%).

## This week (1W)

- Strong, broad-based US risk-on: SMH +9.78% (1W pct_rank 95.63), XLK +5.31% (93.25), Russell 2000 +4.97%, XLI +4.72% (96.03), Nasdaq Comp +4.49% (92.46), S&P 500 +3.79% (93.65). Volatility compressed hard: VXX -12.50% (1W pct_rank 4.37).
- Breadth confirms: US sectors 7/8 positive, A-shares 5/5 positive, risk_on_score 3. Only XLE -2.78% lagged in US sectors.
- Emerging/Asia participated: EEM +5.33% (1W pct_rank 98.41), Hang Seng +4.05% (94.44), STAR 50 +3.52%, Hang Seng Tech +2.81%, ChiNext +2.33%; mainland headline indices smaller (SSE +0.45%, CSI 300 +0.89%).
- Macro: IBIT +5.87%, USO +2.31%, TLT +0.51%, GLD +0.02%; UUP -0.90% and US 10Y Yield -0.46%.

## This month (1M)

- US large-cap returns muted with high realized vol: S&P 500 +0.64% (vol 19.88), Nasdaq +0.55% (vol 25.21), Dow +1.00%, Russell 2000 +3.39%; max drawdowns inside the month reached -6.46% on S&P, -8.46% on Nasdaq.
- Sector dispersion wide: SMH +8.30% and XLE +3.11% leading, XLF +2.54% and XLI +1.28% participating; XLP -2.65%, XLV -2.49%, XLY -1.49%, with XLV's 1M pct_rank at 24.21.
- China A-shares mostly down: SSE -3.81% (1M pct_rank 8.33), STAR 50 -5.39%, CSI 300 -2.32%, SZSE -2.49%; ChiNext +0.52% the lone positive. A-shares breadth 1/5 over 1M.
- Macro standouts: USO +19.93% (1M pct_rank 88.89) and GLD -8.36% (1M pct_rank 3.97, max_dd -16.16); TLT -1.79%, IBIT +3.02%, US 10Y Yield +1.90%.

## Half-year (6M)

- Commodity and semis regime: USO +73.44% (6M pct_rank 98.41), SMH +27.67%, XLE +28.13% (90.08), GLD +19.56%; XLI +11.63% and EEM +11.51% also strong.
- US large-caps modestly positive but rangebound: S&P 500 +1.64% (6M pct_rank 27.38), Dow +3.40%, Nasdaq +0.15%, Russell 2000 +7.29%; XLK -0.54%, XLF -4.54%, XLY -4.34% drag on the sector mix.
- Greater China weakness concentrated in HK/tech: Hang Seng Tech -23.76% (6M pct_rank 2.38, max_dd -30.42), Hang Seng -3.27% (5.95), FXI -11.34% (6.35), STAR 50 -7.73% (1.19); mainland breadth A-shares 4/5 positive over 6M but mostly small (SSE +2.92%, CSI 300 0.00%).
- Crypto and long bonds soft: IBIT -40.82% (6M pct_rank 5.95, max_dd -48.47), TLT -2.78%, while US 10Y Yield rose +2.63%.

## Year (1Y)

- US risk assets strongly higher across the board: SMH +132.73%, XLK +54.88%, Nasdaq Comp +46.27%, Russell 2000 +45.90%, XLI +46.68%, XLE +46.53%, S&P 500 +34.81%, Dow +26.92%, XLY +24.83% — every major US index and sector at 1Y pct_rank ≥ 85, and US sectors breadth 8/8 positive.
- Volatility crushed over the year: VXX -59.13% (1Y pct_rank 0.0, max_dd -69.85).
- Macro: USO +92.42% (1Y pct_rank 99.6), GLD +59.99%, EEM +54.29%; UUP -3.17% and TLT -3.72% slightly negative; US 10Y Yield +6.98%.
- China/HK divergent: ChiNext +54.90% and SZSE +31.43% strong, STAR 50 +30.27%, SSE +17.69%, CSI 300 +16.12%, FXI +20.97%; Hang Seng +9.22% (1Y pct_rank 6.75) and Hang Seng Tech -13.73% (7.14) the global laggards.

## 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 | 6,825 | +0.62% | +3.79% | +0.64% | -1.39% | +1.64% | +34.81% | -0.49% |
| Nasdaq Comp | 22,822 | +0.83% | +4.49% | +0.55% | -3.23% | +0.15% | +46.27% | -1.78% |
| Dow Jones | 48,186 | +0.58% | +3.48% | +1.00% | -1.65% | +3.40% | +26.92% | -0.41% |
| Russell 2000 | 261.96 | +0.57% | +4.97% | +3.39% | +2.54% | +7.29% | +45.90% | +5.30% |
| VIX (VXX) | 30.39 | -4.01% | -12.50% | -9.85% | +14.94% | -10.01% | -59.13% | +16.44% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 142.07 | +0.27% | +5.31% | +1.65% | -3.04% | -0.54% | +54.88% | -1.55% |
| XLF (Financials) | 51.33 | +0.25% | +3.82% | +2.54% | -7.70% | -4.54% | +16.42% | -6.55% |
| XLE (Energy) | 57.33 | -1.24% | -2.78% | +3.11% | +27.03% | +28.13% | +46.53% | +25.59% |
| XLV (Healthcare) | 149.33 | -0.23% | +1.08% | -2.49% | -6.47% | +3.54% | +11.05% | -3.97% |
| XLY (Cons Disc) | 112.74 | +1.73% | +2.68% | -1.49% | -6.75% | -4.34% | +24.83% | -4.74% |
| XLP (Cons Staples) | 83.45 | +0.81% | +2.44% | -2.65% | +8.91% | +6.74% | +7.61% | +7.41% |
| XLI (Industrials) | 172.19 | +1.03% | +4.72% | +1.28% | +8.32% | +11.63% | +46.68% | +8.99% |
| SMH (Semis) | 430.31 | +1.75% | +9.78% | +8.30% | +11.76% | +27.67% | +132.73% | +15.27% |

### China A-shares

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| SSE Composite | 3,966 | -0.72% | +0.45% | -3.81% | +0.03% | +2.92% | +17.69% | -1.42% |
| SZSE Component | 13,996 | -0.33% | +2.11% | -2.49% | +2.88% | +4.79% | +31.43% | +1.21% |
| CSI 300 | 4,566 | -0.64% | +0.89% | -2.32% | -1.83% | +0.00% | +16.12% | -3.21% |
| ChiNext | 3,323 | -0.73% | +2.33% | +0.52% | +2.48% | +4.32% | +54.90% | +0.87% |
| STAR 50 | 1,344 | -0.65% | +3.52% | -5.39% | -1.17% | -7.73% | +30.27% | -4.24% |

### Hong Kong

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Hang Seng | 25,752 | -0.54% | +4.05% | -0.02% | -2.23% | -3.27% | +9.22% | -2.23% |
| Hang Seng Tech | 4,822 | -2.06% | +2.81% | -2.54% | -15.95% | -23.76% | -13.73% | -15.95% |

### Global macro

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| UUP (USD index) | 27.48 | -0.18% | -0.90% | +0.11% | +1.03% | -1.08% | -3.17% | +1.36% |
| GLD (Gold) | 437.91 | +0.78% | +0.02% | -8.36% | +7.01% | +19.56% | +59.99% | +9.95% |
| USO (WTI Crude) | 126.96 | +1.91% | +2.31% | +19.93% | +87.28% | +73.44% | +92.42% | +84.11% |
| TLT (20Y+ UST) | 86.70 | -0.25% | +0.51% | -1.79% | -1.24% | -2.78% | -3.72% | -0.38% |
| IBIT (Bitcoin) | 40.91 | +1.21% | +5.87% | +3.02% | -20.62% | -40.82% | -7.59% | -19.69% |
| EEM (EM equity) | 60.28 | -0.26% | +5.33% | +2.73% | +6.03% | +11.51% | +54.29% | +7.18% |
| FXI (China lg-cap) | 36.29 | -0.17% | +2.05% | -0.82% | -7.61% | -11.34% | +20.97% | -8.86% |
| US 10Y Yield | 4.2900 | +0.00% | -0.46% | +1.90% | +2.39% | +2.63% | +6.98% | +2.39% |

### Breadth & risk-on

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