# Daily Market Scan — 2026-04-23

## Executive read

US equities pulled back modestly on the session, with the S&P 500 off -0.41%, the Nasdaq off -0.89%, and tech-heavy XLK down -1.42% even as semis (SMH +1.05%) and defensives (XLP +1.67%, XLI +1.77%) held the tape up. The dominant theme over the past week is still bullish breadth — 6 of 8 US sectors and all 5 A-share gauges positive on the 1W window — but with leadership rotating away from megacap tech and into staples, industrials, and energy. The 6-month regime remains a risk-on US equity tape (S&P +5.54%, SMH +39.55%, Russell 2000 +11.55%) layered on top of a 6M crude blow-off (USO +97.33%) and a Hang Seng Tech bear (HSTECH -19.91% 6M, -16.43% 3M, percentile 0.40 on 3M). On the 1Y horizon, US sectors are 8 of 8 positive and the SMH is +151.09%, putting realised returns at the very top of the trailing distribution.

## Today (1D)

- US benchmarks closed lower across the board: S&P 500 -0.41%, Nasdaq -0.89%, Dow -0.36%, Russell 2000 -0.35%. XLK led sector losses at -1.42% (1D pct_rank 11.90), while XLP +1.67% (pct_rank 98.02) and XLI +1.77% (pct_rank 95.63) led to the upside.
- Crude was the standout macro mover: USO +4.11% (1D pct_rank 94.44), with XLE +0.78%. Gold gave back -0.97% and IBIT (Bitcoin) -1.56%.
- US 10Y yield rose +0.93% on the day to 4.34, and UUP (USD index) added +0.18%; TLT slipped -0.22%. Risk-off in offshore China: Hang Seng -0.95%, Hang Seng Tech -1.98%, FXI -1.30%, EEM -1.63% (1D pct_rank 4.37).
- A-share breadth was 0 of 5 positive on the day (SSE -0.32%, CSI 300 -0.28%, SZSE -0.88%, ChiNext -0.87%, STAR 50 -1.28%).

## This week (1W)

- US sector breadth was 6 of 8 positive but the risk_on_score is -1, reflecting outperformance by defensives and semis rather than broad cyclicals: XLP +2.52%, XLK +2.51%, XLI +2.20%, SMH +5.95% (pct_rank 87.30), versus XLF -0.44% and XLV -0.25%.
- US indices were higher on the week: Russell 2000 +2.06%, Dow +1.51%, Nasdaq +1.39%, S&P 500 +0.95%.
- Crude extended its run with USO +7.06% (1W pct_rank 85.32); gold was -2.05%.
- China A-shares were 5 of 5 positive on the week (ChiNext +2.59%, SZSE +1.67%, CSI 300 +1.05%, SSE +0.93%, STAR 50 +0.73%), while Hong Kong diverged hard: Hang Seng -1.82%, Hang Seng Tech -4.45% (1W pct_rank 10.71), FXI -1.99%.

## This month (1M)

- US risk assets had a strong month with 1M pct_ranks clustered in the mid-90s: S&P 500 +8.42% (pct_rank 94.05), Nasdaq +12.30% (94.44), Russell 2000 +10.75% (94.84), Dow +6.91% (95.63). Sector breadth was 7 of 8 positive, risk_on_score 3.
- Semis led decisively: SMH +22.11% (1M pct_rank 97.22), XLK +14.46% (94.44). XLE was the lone sector laggard at -6.34% (1M pct_rank 3.97).
- China A-shares were 5 of 5 positive on the month with ChiNext +14.41%, SZSE +11.13%, STAR 50 +10.99%, CSI 300 +6.96%, SSE +5.46%; EM broadly: EEM +10.31% (1M pct_rank 94.44).
- IBIT +12.14% on the month (1M pct_rank 88.89), USO +17.62% (88.10), GLD +6.66%, while VXX -15.74%.

## Half-year (6M)

- The 6M regime is risk-on with broad US sector participation (6 of 8 positive, risk_on_score 3): SMH +39.55%, XLE +31.46% (6M pct_rank 94.05), XLI +12.39%, Russell 2000 +11.55%.
- Crude is the standout: USO +97.33% over 6 months (pct_rank 99.60). UUP -1.43% and TLT -5.92% over the same window; US 10Y yield is +9.05% (6M pct_rank 99.60).
- China splits sharply: A-shares 5 of 5 positive over 6M (SZSE +14.95%, ChiNext +22.48%, SSE +4.52%, CSI 300 +3.64%, STAR 50 +1.13%), while offshore is deeply negative (Hang Seng Tech -19.91%, 6M pct_rank 6.75; FXI -8.64%, pct_rank 9.52; Hang Seng +0.02%, pct_rank 9.13).
- Crypto remains in drawdown: IBIT -30.62% over 6 months (6M pct_rank 20.63), with max_dd -44.70.

## Year (1Y)

- US sectors are 8 of 8 positive on the year (risk_on_score 3). SMH +151.09% (1Y pct_rank 99.21), XLK +61.95% (99.21), XLI +39.67% (98.02), XLE +40.02% (96.83), XLY +26.49%, XLF +9.84%, XLV +8.28%, XLP +1.51%.
- Index performance is concentrated at the top of the trailing distribution: Nasdaq +49.93% (1Y pct_rank 98.81), Russell 2000 +46.97% (97.22), S&P 500 +34.43% (98.02), Dow +25.83% (98.41).
- China A-shares are 5 of 5 positive: ChiNext +100.19% (1Y pct_rank 94.05), SZSE +57.69%, STAR 50 +46.10%, CSI 300 +29.82%, SSE +28.44%. EM broadly: EEM +46.57% (95.24).
- Macro divergence: USO +94.20% (1Y pct_rank 99.21), GLD +38.55%, UUP +1.25% (99.21), TLT +0.08%, while VXX -58.42% (pct_rank 2.38), IBIT -15.42%, and Hang Seng Tech -0.71% (14.29).

## 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 | 7,108 | -0.41% | +0.95% | +8.42% | +2.82% | +5.54% | +34.43% | +3.64% |
| Nasdaq Comp | 24,438 | -0.89% | +1.39% | +12.30% | +4.28% | +6.47% | +49.93% | +5.18% |
| Dow Jones | 49,310 | -0.36% | +1.51% | +6.91% | -0.15% | +5.08% | +25.83% | +1.92% |
| Russell 2000 | 275.52 | -0.35% | +2.06% | +10.75% | +2.12% | +11.55% | +46.97% | +10.75% |
| VIX (VXX) | 29.50 | -0.17% | +0.68% | -15.74% | +13.46% | -12.51% | -58.42% | +13.03% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 155.84 | -1.42% | +2.51% | +14.46% | +7.56% | +8.09% | +61.95% | +8.00% |
| XLF (Financials) | 51.80 | -0.79% | -0.44% | +5.11% | -3.74% | -1.76% | +9.84% | -5.70% |
| XLE (Energy) | 56.98 | +0.78% | +0.71% | -6.34% | +16.50% | +31.46% | +40.02% | +24.82% |
| XLV (Healthcare) | 146.24 | -0.10% | -0.25% | +1.00% | -7.61% | +0.76% | +8.28% | -5.96% |
| XLY (Cons Disc) | 117.74 | -1.00% | +0.09% | +7.35% | -3.98% | -1.54% | +26.49% | -0.52% |
| XLP (Cons Staples) | 83.48 | +1.67% | +2.52% | +2.92% | +1.47% | +5.28% | +1.51% | +7.45% |
| XLI (Industrials) | 174.07 | +1.77% | +2.20% | +6.14% | +5.18% | +12.39% | +39.67% | +10.18% |
| SMH (Semis) | 481.85 | +1.05% | +5.95% | +22.11% | +19.62% | +39.55% | +151.09% | +29.08% |

### China A-shares

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| SSE Composite | 4,093 | -0.32% | +0.93% | +5.46% | -0.47% | +4.52% | +28.44% | +1.74% |
| SZSE Component | 15,043 | -0.88% | +1.67% | +11.13% | +5.15% | +14.95% | +57.69% | +8.78% |
| CSI 300 | 4,786 | -0.28% | +1.05% | +6.96% | +0.73% | +3.64% | +29.82% | +1.45% |
| ChiNext | 3,720 | -0.87% | +2.59% | +14.41% | +10.46% | +22.48% | +100.19% | +12.92% |
| STAR 50 | 1,433 | -1.28% | +0.73% | +10.99% | -4.11% | +1.13% | +46.10% | +2.08% |

### Hong Kong

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Hang Seng | 25,915 | -0.95% | -1.82% | +2.52% | -3.46% | +0.02% | +23.91% | -1.61% |
| Hang Seng Tech | 4,866 | -1.98% | -4.45% | -0.14% | -16.43% | -19.91% | -0.71% | -15.18% |

### Global macro

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| UUP (USD index) | 27.53 | +0.18% | +0.58% | -0.43% | +1.40% | -1.43% | +1.25% | +1.55% |
| GLD (Gold) | 431.04 | -0.97% | -2.05% | +6.66% | -4.59% | +14.26% | +38.55% | +8.23% |
| USO (WTI Crude) | 134.72 | +4.11% | +7.06% | +17.62% | +87.58% | +97.33% | +94.20% | +95.36% |
| TLT (20Y+ UST) | 86.55 | -0.22% | +0.31% | +0.63% | -1.30% | -5.92% | +0.08% | -0.55% |
| IBIT (Bitcoin) | 44.05 | -1.56% | +3.09% | +12.14% | -13.06% | -30.62% | -15.42% | -13.53% |
| EEM (EM equity) | 62.35 | -1.63% | -0.16% | +10.31% | +6.22% | +14.80% | +46.57% | +10.86% |
| FXI (China lg-cap) | 36.49 | -1.30% | -1.99% | +3.25% | -7.57% | -8.64% | +9.06% | -8.36% |
| US 10Y Yield | 4.3400 | +0.93% | +0.46% | +0.23% | +2.36% | +9.05% | -1.81% | +3.58% |

### Breadth & risk-on

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