# Daily Market Scan — 2026-04-21

## Executive read

US equities pulled back across the board on the day, with the S&P 500 at -0.63%, the Nasdaq at -0.59%, and the Russell 2000 at -1.02%, while VXX rose +1.91% — a broad but shallow risk-off session. The dominant weekly theme remains a strong rebound: 1M breadth shows 7/8 US sectors and all 5 A-shares positive, with 1M risk_on_score at 3 and the Russell 2000 up +13.33% over the month. The 6-month regime is unambiguously risk-on — 8/8 US sectors and 5/5 A-shares positive over 6M, with risk_on_score at 3 — yet pockets of stress persist (Hang Seng Tech -17.64% 6M, IBIT -29.70% 6M, gold drawdown today of -2.83%). The 1Y picture is even more pronounced, anchored by SMH at +141.34% and XLK at +60.42%. USO is the macro outlier with +88.66% over 6M and +85.98% YTD.

## Today (1D)

- US indices declined together: S&P 500 -0.63% (pct_rank 13.49), Nasdaq -0.59% (pct_rank 21.03), Dow -0.59% (pct_rank 17.46), Russell 2000 -1.02% (pct_rank 16.67); VXX rose +1.91% (pct_rank 80.95).
- US sector dispersion was wide: XLE +1.45% (pct_rank 85.71) led, while XLI -1.41% (pct_rank 6.75) and XLV -1.02% (pct_rank 11.51) lagged; XLK was effectively flat at +0.08%.
- China A-shares were modestly green except STAR 50: SSE +0.07%, SZSE +0.10%, CSI 300 +0.22%, ChiNext +0.31%, STAR 50 -1.64% (pct_rank 9.92); Hang Seng +0.48%, Hang Seng Tech -0.08%.
- Macro moves were sharp: USO +5.71% (pct_rank 97.22), GLD -2.83% (pct_rank 4.37), UUP +0.55% (pct_rank 89.68), US 10Y yield +0.94% (pct_rank 82.14), IBIT -1.71%, EEM -1.47%, FXI -1.46%.

## This week (1W)

- US tech and small caps led the week: XLK +4.56% (pct_rank 89.29), Nasdaq +2.63% (pct_rank 82.14), SMH +2.80%, Russell 2000 +2.15%; S&P 500 +1.39%, Dow +1.26%. Breadth: 5/8 US sectors positive.
- US sector laggards: XLV -1.96% (pct_rank 15.48), XLI -1.10% (pct_rank 18.65), XLE -0.14%.
- China and HK strength: Hang Seng Tech +4.32% (pct_rank 86.90), ChiNext +3.66%, SZSE +2.34%, Hang Seng +2.38%, SSE +1.45%, CSI 300 +1.42%, STAR 50 +1.54%; all 5/5 A-shares positive.
- Macro: GLD -3.49% (pct_rank 8.73), USO +3.55%, TLT -0.73%, UUP +0.55%, US 10Y yield +0.94%, IBIT +0.90%, EEM +0.02%, FXI +0.60%.

## This month (1M)

- Broad US risk-on rebound: SMH +20.77% (pct_rank 95.63), XLK +14.34% (pct_rank 94.84), Russell 2000 +13.33% (pct_rank 98.02), Nasdaq +12.07% (pct_rank 94.84), XLY +10.42% (pct_rank 95.24), S&P 500 +8.57% (pct_rank 94.84), Dow +7.84% (pct_rank 98.02); VXX -16.90% (pct_rank 11.90).
- US sector laggards: XLE -5.80% (pct_rank 5.16), XLV +0.41%, XLP +0.68%. Breadth: 7/8 US sectors positive, risk_on_score 3.
- China and EM participation: EEM +11.88% (pct_rank 98.41), ChiNext +10.05%, SZSE +8.05%, STAR 50 +8.22%, CSI 300 +4.40%, SSE +3.24%, FXI +5.55%; Hang Seng +1.78%, Hang Seng Tech -0.92%.
- Macro: USO +5.62%, IBIT +6.89%, GLD +3.92%, TLT +0.86%, UUP -0.76%, US 10Y yield -0.92%.

## Half-year (6M)

- Energy and semis dominate the 6M tape: USO +88.66% (pct_rank 98.81), SMH +35.54%, XLE +29.96% (pct_rank 91.67), XLI +12.99%, Russell 2000 +12.78%, XLK +8.55%, Nasdaq +6.97%, Dow +6.41%, S&P 500 +6.00%. Breadth: 8/8 US sectors positive, risk_on_score 3.
- China A-shares fully participating: ChiNext +24.80%, SZSE +16.18%, SSE +5.69%, CSI 300 +5.04%, STAR 50 +1.16%; 5/5 A-shares positive.
- Stress pockets persist: Hang Seng Tech -17.64% (pct_rank 7.54), IBIT -29.70% (pct_rank 21.03), FXI -7.22% (pct_rank 10.71), TLT -5.08% (pct_rank 13.10); Hang Seng only +2.31% (pct_rank 13.89).
- Macro context: GLD +10.43% (pct_rank 0.0), EEM +14.89%, UUP -1.01%, US 10Y yield +6.97% (pct_rank 95.63).

## Year (1Y)

- Semis and tech anchor the 1Y picture: SMH +141.34% (pct_rank 99.21), ChiNext +104.12% (pct_rank 97.62), USO +84.59% (pct_rank 97.22), XLK +60.42% (pct_rank 99.60), SZSE +59.99%, STAR 50 +54.37%, Nasdaq +48.96% (pct_rank 98.81), EEM +48.50%, Russell 2000 +47.21%.
- Broad US strength: S&P 500 +33.72% (pct_rank 98.41), Dow +25.57% (pct_rank 98.81), XLE +37.10%, XLI +36.82% (pct_rank 97.22), XLY +28.34% (pct_rank 96.03); VXX -58.10% (pct_rank 1.98).
- China and HK divergence: CSI 300 +32.83%, SSE +31.92%, Hang Seng +30.71% (pct_rank 47.22), Hang Seng Tech only +7.94% (pct_rank 15.87), FXI +14.54% (pct_rank 16.27).
- Macro: GLD +40.33%, IBIT -11.91% (pct_rank 23.41), TLT -1.10%, UUP +0.62% (pct_rank 99.60), XLV +7.70%, XLF +12.11%, XLP -0.04%, US 10Y yield +0.23%.

## 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 | 7,064 | -0.63% | +1.39% | +8.57% | +3.93% | +6.00% | +33.72% | +3.00% |
| Nasdaq Comp | 24,260 | -0.59% | +2.63% | +12.07% | +5.69% | +6.97% | +48.96% | +4.41% |
| Dow Jones | 49,149 | -0.59% | +1.26% | +7.84% | +1.36% | +6.41% | +25.57% | +1.59% |
| Russell 2000 | 274.51 | -1.02% | +2.15% | +13.33% | +4.54% | +12.78% | +47.21% | +10.34% |
| VIX (VXX) | 29.89 | +1.91% | +2.29% | -16.90% | +1.74% | -19.11% | -58.10% | +14.52% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 154.69 | +0.08% | +4.56% | +14.34% | +9.06% | +8.55% | +60.42% | +7.20% |
| XLF (Financials) | 52.30 | -0.63% | +1.00% | +6.56% | -1.69% | +0.23% | +12.11% | -4.79% |
| XLE (Energy) | 55.87 | +1.45% | -0.14% | -5.80% | +17.37% | +29.96% | +37.10% | +22.39% |
| XLV (Healthcare) | 145.92 | -1.02% | -1.96% | +0.41% | -6.10% | +1.85% | +7.70% | -6.17% |
| XLY (Cons Disc) | 118.97 | -0.75% | +2.17% | +10.42% | -0.13% | +1.50% | +28.34% | +0.52% |
| XLP (Cons Staples) | 81.84 | -0.67% | +0.45% | +0.68% | -0.63% | +2.65% | -0.04% | +5.34% |
| XLI (Industrials) | 171.44 | -1.41% | -1.10% | +6.04% | +4.84% | +12.99% | +36.82% | +8.52% |
| SMH (Semis) | 464.66 | +0.15% | +2.80% | +20.77% | +19.02% | +35.54% | +141.34% | +24.47% |

### China A-shares

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| SSE Composite | 4,085 | +0.07% | +1.45% | +3.24% | -1.30% | +5.69% | +31.92% | +1.53% |
| SZSE Component | 14,982 | +0.10% | +2.34% | +8.05% | +5.74% | +16.18% | +59.99% | +8.34% |
| CSI 300 | 4,768 | +0.22% | +1.42% | +4.40% | +0.15% | +5.04% | +32.83% | +1.07% |
| ChiNext | 3,689 | +0.31% | +3.66% | +10.05% | +11.05% | +24.80% | +104.12% | +11.97% |
| STAR 50 | 1,427 | -1.64% | +1.54% | +8.22% | -2.92% | +1.16% | +54.37% | +1.66% |

### Hong Kong

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Hang Seng | 26,487 | +0.48% | +2.38% | +1.78% | -1.90% | +2.31% | +30.71% | +0.57% |
| Hang Seng Tech | 5,062 | -0.08% | +4.32% | -0.92% | -14.33% | -17.64% | +7.94% | -11.77% |

### Global macro

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| UUP (USD index) | 27.47 | +0.55% | +0.55% | -0.76% | +0.96% | -1.01% | +0.62% | +1.33% |
| GLD (Gold) | 429.57 | -2.83% | -3.49% | +3.92% | -1.75% | +10.43% | +40.33% | +7.86% |
| USO (WTI Crude) | 128.25 | +5.71% | +3.55% | +5.62% | +78.47% | +88.66% | +84.59% | +85.98% |
| TLT (20Y+ UST) | 86.57 | -0.55% | -0.73% | +0.86% | -0.09% | -5.08% | -1.10% | -0.53% |
| IBIT (Bitcoin) | 42.51 | -1.71% | +0.90% | +6.89% | -16.25% | -29.70% | -11.91% | -16.55% |
| EEM (EM equity) | 62.25 | -1.47% | +0.02% | +11.88% | +8.62% | +14.89% | +48.50% | +10.69% |
| FXI (China lg-cap) | 37.11 | -1.46% | +0.60% | +5.55% | -4.53% | -7.22% | +14.54% | -6.81% |
| US 10Y Yield | 4.3000 | +0.94% | +0.94% | -0.92% | +0.94% | +6.97% | +0.23% | +2.63% |

### Breadth & risk-on

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