# Daily Market Scan — 2026-04-20

## Executive read

US large-cap indices took a modest breather on the session — S&P 500 -0.24%, Nasdaq -0.26%, Dow essentially flat at -0.01% — while small-caps (Russell 2000 +0.57%) and most of Asia leaned green. The dominant 1W theme is broad risk-on: US sectors are 6/8 positive (risk_on_score 3), Chinese A-shares are 5/5 positive, and growth-leaning baskets (XLK +6.15%, XLY +5.22%, ChiNext +5.79%, Hang Seng Tech +5.05%) outpaced cyclicals and defensives. The 6M regime is unambiguously risk-on as well — US sectors 8/8 positive, USO +78.91%, GLD +11.51%, SMH +35.15% — with the notable carve-outs being long-duration bonds (TLT -4.70%), crypto (IBIT -29.59%), and Hang Seng Tech (-19.08%). On a 1Y view, US indices and sector leaders sit near the top of their trailing distributions: S&P 500 pct_rank 98.81, Nasdaq 99.21, Russell 2000 99.60, XLK 99.60, SMH 99.21, EEM 98.41.

## Today (1D)

- US large-caps slipped while small-caps led: S&P 500 -0.24% (pct_rank 29.37), Nasdaq -0.26% (29.76), Dow -0.01% (43.25), Russell 2000 +0.57% (63.10).
- Crude was the standout mover: USO +4.55% (pct_rank 96.03), versus a quiet rates tape (US 10Y Yield +0.00%, TLT -0.02%) and a softer dollar (UUP -0.15%).
- Defensive and rate-sensitive corners lagged: XLV -0.93% (pct_rank 13.10), GLD -0.86%, EEM -0.72%, IBIT -1.57%; VIX (VXX) lifted +1.21% (pct_rank 72.22).
- China onshore was firm across the board: SSE Composite +0.76%, CSI 300 +0.61%, SZSE Component +0.55%, STAR 50 +1.91% (pct_rank 88.10); Hang Seng +0.77%, Hang Seng Tech +0.46%.

## This week (1W)

- Growth/tech led the US tape: XLK +6.15% (pct_rank 94.05), Nasdaq +5.27% (93.25), XLY +5.22% (94.44), SMH +4.65% (79.37), versus S&P 500 +3.24% and Dow +2.54%.
- Breadth confirmed the risk-on: US sectors 6/8 positive, A-shares 5/5 positive, risk_on_score 3.
- Energy was the conspicuous exception: XLE -3.57% (pct_rank 6.75) and USO -5.57% (pct_rank 8.33) — crude's big 1D pop sits inside a still-negative week.
- Onshore China and HK tech joined the rally: ChiNext +5.79%, STAR 50 +5.47%, Hang Seng Tech +5.05% (pct_rank 92.06), SZSE Component +3.88%.

## This month (1M)

- High-beta US groups dominate: SMH +17.48% (pct_rank 94.05), Russell 2000 +12.00% (96.83), XLK +11.65% (94.44), Nasdaq +10.47% (94.84), XLY +9.27% (94.44).
- Breadth is the widest of any horizon shown: US sectors 7/8 positive, A-shares 5/5, risk_on_score 3; VIX (VXX) -13.15% on a 71.84 vol reading.
- Onshore China growth participated: ChiNext +11.14% (pct_rank 82.94), STAR 50 +8.33%, SZSE Component +7.66%; broader CSI 300 +3.80% and SSE Composite +1.89% lagged.
- Energy is the lone US sector drag: XLE -7.23% (pct_rank 4.37); defensives near flat (XLV +0.55%, XLP +0.51%); TLT -0.50% and US 10Y Yield -2.96% (pct_rank 21.43).

## Half-year (6M)

- Energy and crude lead the trailing six months: USO +78.91% (pct_rank 98.02), SMH +35.15%, XLE +29.15% (pct_rank 90.08), XLI +14.71%, Russell 2000 +13.18%.
- US sectors are 8/8 positive with risk_on_score 3; A-shares 4/5 positive, with STAR 50 -1.53% the lone laggard.
- Rate-sensitive and crypto exposures sit at the bottom: TLT -4.70% (pct_rank 14.68), IBIT -29.59% (pct_rank 21.03), Hang Seng Tech -19.08% (pct_rank 6.75), FXI -5.83% (pct_rank 11.90).
- Gold has joined the run-up: GLD +11.51% on the 6M (note pct_rank 0.00 of trailing window), with US 10Y Yield +6.77% (pct_rank 94.84) over the same span.

## Year (1Y)

- 1Y readings sit at the top of trailing distributions across US risk: SMH +138.72% (pct_rank 99.21), XLK +59.41% (99.60), Russell 2000 +49.94% (99.60), Nasdaq +49.65% (99.21), EEM +51.88% (98.41), S&P 500 +34.75% (98.81), Dow +24.64% (98.41), XLI +39.54% (98.02), XLY +30.12% (97.62), XLE +38.19% (96.03).
- Volatility-suppression is visible alongside the rally: VIX (VXX) -60.02% (pct_rank 1.19).
- Macro carry stands out: USO +79.07% (pct_rank 96.43), GLD +43.78%; UUP +0.15% but at pct_rank 99.60 of its trailing window.
- China and crypto trail the global risk leaders: SSE Composite +22.15%, CSI 300 +23.20%, SZSE Component +44.39%, ChiNext +78.06%, Hang Seng +30.97%, Hang Seng Tech +10.88% (pct_rank 17.06), FXI +16.16% (pct_rank 17.86), IBIT -9.82% (pct_rank 26.19), TLT -1.43%.

## 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 | 7,109 | -0.24% | +3.24% | +7.61% | +2.44% | +7.24% | +34.75% | +3.65% |
| Nasdaq Comp | 24,404 | -0.26% | +5.27% | +10.47% | +3.78% | +8.16% | +49.65% | +5.03% |
| Dow Jones | 49,443 | -0.01% | +2.54% | +7.43% | +0.17% | +7.60% | +24.64% | +2.19% |
| Russell 2000 | 277.35 | +0.57% | +4.63% | +12.00% | +4.36% | +13.18% | +49.94% | +11.48% |
| VIX (VXX) | 29.33 | +1.21% | -0.85% | -13.15% | +11.01% | -26.62% | -60.02% | +12.38% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 154.56 | +0.14% | +6.15% | +11.65% | +6.14% | +8.65% | +59.41% | +7.11% |
| XLF (Financials) | 52.63 | +0.38% | +1.88% | +7.43% | -3.32% | +1.68% | +13.11% | -4.19% |
| XLE (Energy) | 55.07 | +0.09% | -3.57% | -7.23% | +15.47% | +29.15% | +38.19% | +20.64% |
| XLV (Healthcare) | 147.42 | -0.93% | -0.37% | +0.55% | -5.34% | +3.58% | +8.17% | -5.20% |
| XLY (Cons Disc) | 119.87 | -0.45% | +5.22% | +9.27% | -1.99% | +3.15% | +30.12% | +1.28% |
| XLP (Cons Staples) | 82.39 | -0.08% | +1.03% | +0.51% | +0.34% | +4.72% | +2.78% | +6.05% |
| XLI (Industrials) | 173.90 | +0.22% | +0.68% | +6.00% | +4.19% | +14.71% | +39.54% | +10.08% |
| SMH (Semis) | 463.96 | -0.04% | +4.65% | +17.48% | +15.88% | +35.15% | +138.72% | +24.29% |

### China A-shares

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| SSE Composite | 4,082 | +0.76% | +2.35% | +1.89% | -2.00% | +4.95% | +22.15% | +1.46% |
| SZSE Component | 14,967 | +0.55% | +3.88% | +7.66% | +4.18% | +13.11% | +44.39% | +8.23% |
| CSI 300 | 4,757 | +0.61% | +2.40% | +3.80% | -0.68% | +3.56% | +23.20% | +0.84% |
| ChiNext | 3,678 | -0.02% | +5.79% | +11.14% | +8.54% | +19.45% | +78.06% | +11.63% |
| STAR 50 | 1,451 | +1.91% | +5.47% | +8.33% | -4.06% | -1.53% | +42.48% | +3.36% |

### Hong Kong

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Hang Seng | 26,361 | +0.77% | +2.73% | +1.90% | -1.82% | +0.27% | +30.97% | +0.09% |
| Hang Seng Tech | 5,066 | +0.46% | +5.05% | -0.82% | -13.70% | -19.08% | +10.88% | -11.69% |

### Global macro

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| UUP (USD index) | 27.32 | -0.15% | -0.22% | -0.94% | -0.40% | -1.44% | +0.15% | +0.77% |
| GLD (Gold) | 442.09 | -0.86% | +1.55% | +3.68% | +4.94% | +11.51% | +43.78% | +11.00% |
| USO (WTI Crude) | 121.32 | +4.55% | -5.57% | +3.37% | +69.32% | +78.91% | +79.07% | +75.93% |
| TLT (20Y+ UST) | 87.05 | -0.02% | +0.35% | -0.50% | -0.85% | -4.70% | -1.43% | +0.02% |
| IBIT (Bitcoin) | 43.25 | -1.57% | +3.99% | +8.61% | -20.26% | -29.59% | -9.82% | -15.10% |
| EEM (EM equity) | 63.18 | -0.72% | +3.46% | +9.65% | +9.18% | +16.59% | +51.88% | +12.34% |
| FXI (China lg-cap) | 37.66 | +0.16% | +3.29% | +4.06% | -4.17% | -5.83% | +16.16% | -5.42% |
| US 10Y Yield | 4.2600 | +0.00% | -0.93% | -2.96% | -0.93% | +6.77% | -2.07% | +1.67% |

### Breadth & risk-on

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