# Daily Market Scan — 2026-04-22

## Executive read

Risk assets extended their advance, with semiconductors and large-cap tech leading a broad US rally while Hong Kong slipped on a down day for HSTECH. The week's dominant theme is a re-acceleration of the AI/tech complex alongside resilient A-shares, with SMH +5.26% 1W and ChiNext +6.77% 1W standing out. The 6-month regime remains risk-on at the index and US-sector level (7/8 US sectors and 5/5 A-share gauges positive over 6M), but with sharp dispersion — energy and semis are leading on every long horizon while Hang Seng Tech and IBIT are deeply negative over 6M.

## Today (1D)

- US large-cap and tech led: Nasdaq Comp +1.64%, S&P 500 +1.05%, with XLK +2.20% and SMH +2.62%; Dow Jones lagged at +0.69%.
- Crypto outperformed: IBIT +5.27% (1D pct_rank 96.83), while VIX (VXX) eased -1.14%.
- China onshore was firm across the board: ChiNext +1.73%, STAR 50 +1.71%, SZSE Component +1.30%, CSI 300 +0.66%, SSE Composite +0.52% (A-shares 5/5 positive on the day).
- Hong Kong diverged from the global tape: Hang Seng -1.22%, Hang Seng Tech -1.93%; FXI -0.38%.

## This week (1W)

- ChiNext +6.77%, USO +5.56%, SMH +5.26% and XLK +5.18% top the 1W board; S&P 500 +1.64% and Nasdaq Comp +2.67%.
- US sector breadth firmed to 6/8 positive over 1W; XLV -0.94% and XLI -0.08% were the soft spots.
- A-share breadth held at 5/5 positive over 1W, led by ChiNext +6.77% and SZSE Component +4.68%.
- Gold cooled: GLD -1.18% 1W even as crude (USO) rallied +5.56%.

## This month (1M)

- Semis dominate 1M: SMH +21.84%, with ChiNext +16.00%, XLK +15.44%, STAR 50 +15.04% and SZSE Component +13.73% close behind.
- US sector breadth strong at 7/8 positive over 1M; XLE (Energy) -5.18% is the lone laggard, while XLV +1.11% and XLP +1.15% are barely positive.
- IBIT +11.74% and EEM +10.59% reinforce the risk-on signal at the macro layer.
- Hang Seng Tech is the conspicuous miss: -0.65% 1M while every onshore China gauge is up double-digits.

## Half-year (6M)

- USO +90.77% (6M pct_rank 98.81) is the standout 6M move, with XLE +30.14% confirming an energy regime.
- SMH +37.33%, ChiNext +24.02%, EEM +15.40%, SZSE Component +15.69% and Russell 2000 +11.41% mark a sustained risk-on tilt; US sector breadth is 7/8 positive over 6M.
- Drawdowns concentrate in two pockets: Hang Seng Tech -16.20% and IBIT -28.89% (6M max_dd -44.70).
- TLT -5.25% over 6M alongside US 10Y Yield +7.50% over 6M (pct_rank 96.43) point to ongoing long-duration pressure.

## Year (1Y)

- SMH +153.86% leads the 1Y board, with ChiNext +103.92%, USO +88.57%, XLK +68.29%, SZSE Component +61.04%, Nasdaq Comp +55.36%, STAR 50 +54.36%, Russell 2000 +51.30% and EEM +51.23% all clustered above +50%.
- US sector breadth is 8/8 positive over 1Y; the weakest sector is XLP +1.26%.
- Volatility compression is reflected in VXX -61.38% over 1Y (pct_rank 1.19).
- The 1Y laggards sit outside US/onshore-China equities: IBIT -10.00%, US 10Y Yield -0.92%, TLT +0.86%, Hang Seng Tech +3.12%.

## 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 | 7,138 | +1.05% | +1.64% | +8.46% | +3.81% | +5.98% | +38.38% | +4.07% |
| Nasdaq Comp | 24,658 | +1.64% | +2.67% | +12.35% | +6.17% | +7.25% | +55.36% | +6.12% |
| Dow Jones | 49,490 | +0.69% | +2.12% | +7.10% | +0.84% | +5.96% | +29.66% | +2.29% |
| Russell 2000 | 276.48 | +0.72% | +2.63% | +11.73% | +3.25% | +11.41% | +51.30% | +11.13% |
| VIX (VXX) | 29.55 | -1.14% | +0.75% | -13.92% | +10.43% | -13.06% | -61.38% | +13.22% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 158.09 | +2.20% | +5.18% | +15.44% | +9.93% | +9.71% | +68.29% | +9.56% |
| XLF (Financials) | 52.21 | -0.17% | +0.08% | +5.97% | -2.34% | -1.10% | +14.37% | -4.95% |
| XLE (Energy) | 56.54 | +1.20% | +1.40% | -5.18% | +15.98% | +30.14% | +42.47% | +23.86% |
| XLV (Healthcare) | 146.38 | +0.32% | -0.94% | +1.11% | -7.51% | +1.10% | +10.42% | -5.87% |
| XLY (Cons Disc) | 118.93 | -0.03% | +0.63% | +8.00% | -2.03% | +0.67% | +31.81% | +0.49% |
| XLP (Cons Staples) | 82.11 | +0.33% | +1.30% | +1.15% | -0.40% | +3.08% | +1.26% | +5.69% |
| XLI (Industrials) | 171.04 | -0.23% | -0.08% | +4.90% | +2.81% | +11.41% | +39.64% | +8.27% |
| SMH (Semis) | 476.83 | +2.62% | +5.26% | +21.84% | +18.64% | +37.33% | +153.86% | +27.73% |

### China A-shares

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| SSE Composite | 4,106 | +0.52% | +1.96% | +7.68% | -0.48% | +4.96% | +30.54% | +2.06% |
| SZSE Component | 15,177 | +1.30% | +4.68% | +13.73% | +6.52% | +15.69% | +61.04% | +9.75% |
| CSI 300 | 4,800 | +0.66% | +2.44% | +8.64% | +1.22% | +4.20% | +31.47% | +1.74% |
| ChiNext | 3,753 | +1.73% | +6.77% | +16.00% | +12.05% | +24.02% | +103.92% | +13.91% |
| STAR 50 | 1,451 | +1.71% | +3.19% | +15.04% | -3.32% | +1.48% | +54.36% | +3.40% |

### Hong Kong

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Hang Seng | 26,163 | -1.22% | +0.83% | +2.60% | -2.82% | +2.84% | +26.50% | -0.67% |
| Hang Seng Tech | 4,964 | -1.93% | +1.06% | -0.65% | -14.83% | -16.20% | +3.12% | -13.47% |

### Global macro

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| UUP (USD index) | 27.48 | +0.04% | +0.70% | -0.29% | +0.77% | -1.22% | +1.63% | +1.36% |
| GLD (Gold) | 435.26 | +1.32% | -1.18% | +7.73% | -1.88% | +7.96% | +37.92% | +9.28% |
| USO (WTI Crude) | 129.40 | +0.90% | +5.56% | +17.04% | +76.44% | +90.77% | +88.57% | +87.65% |
| TLT (20Y+ UST) | 86.74 | +0.20% | -0.10% | +0.41% | -0.65% | -5.25% | +0.86% | -0.33% |
| IBIT (Bitcoin) | 44.75 | +5.27% | +5.15% | +11.74% | -12.44% | -28.89% | -10.00% | -12.15% |
| EEM (EM equity) | 63.38 | +1.82% | +1.90% | +10.59% | +8.79% | +15.40% | +51.23% | +12.70% |
| FXI (China lg-cap) | 36.97 | -0.38% | +0.24% | +4.49% | -6.02% | -8.69% | +14.00% | -7.16% |
| US 10Y Yield | 4.3000 | +0.00% | +0.23% | -2.05% | +0.94% | +7.50% | -0.92% | +2.63% |

### Breadth & risk-on

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