# Daily Market Scan — 2026-04-28

## Executive read

Risk assets pulled back broadly on the session, with the Nasdaq -0.90%, S&P 500 -0.49% and SMH -2.97% leading equity weakness, while XLE +1.66% and USO +3.62% sat at the top of the day's tape. The dominant weekly theme is energy and semis pushing higher (XLE +3.29%, SMH +5.71%) against softness in China-linked equity (Hang Seng -3.05%, Hang Seng Tech -4.63%, FXI -2.32%). The 6-month regime is one of broad US strength (US sectors +5/8, A-shares +5/5, 1Y breadth 8/8 and 5/5) layered on top of a hard energy-complex move — USO +90.76% 6M, +102.23% 1Y — and a deeply underwater Hang Seng Tech (-18.64% 6M) and IBIT (-31.13% 6M).

## Today (1D)

- US large-caps closed lower: S&P 500 -0.49%, Nasdaq Comp -0.90%, Dow Jones -0.05%, Russell 2000 -1.17%; VXX itself fell -1.94%.
- Semis and tech led the downside inside US sectors: SMH -2.97%, XLK -1.69%; defensives held up with XLP +0.90% and XLV +0.26%.
- Energy was the clear standout: XLE +1.66% and USO (WTI Crude) +3.62%, with USO printing a 1D pct_rank of 93.25.
- Greater China was weak across the board: Hang Seng Tech -2.28%, ChiNext -1.43%, STAR 50 -1.31%, SZSE Component -1.10%, CSI 300 -0.27%, SSE Composite -0.19%, FXI -0.55%; GLD also fell -1.86%.

## This week (1W)

- Semis and energy dominated the week: SMH +5.71%, XLE +3.29%, XLK +2.04%, USO +8.85%.
- Headline US indices were mixed: Nasdaq Comp +1.66%, S&P 500 +1.06%, Dow Jones -0.02%, Russell 2000 -0.22%; VXX -5.22%.
- China A-shares were split, with STAR 50 +4.34% bucking weakness elsewhere — ChiNext -2.50%, SZSE Component -1.01%, CSI 300 -0.21%, SSE Composite -0.16%.
- Hong Kong lagged sharply: Hang Seng -3.05%, Hang Seng Tech -4.63%; FXI -2.32% and GLD -1.78% on the macro side.

## This month (1M)

- The 1M tape is exceptionally strong for US risk: SMH +31.25% (pct_rank 99.21), XLK +21.50% (98.81), Nasdaq Comp +17.74% (98.41), Russell 2000 +12.67% (97.22), Dow Jones +8.80% (98.41), S&P 500 +12.09% (98.02).
- US sector breadth confirms the move: 7/8 sectors positive (87.5%), risk_on_score 3; the lone laggard is XLE at -7.75% over the month even after this week's bounce.
- China A-shares were positive across the board (5/5, 100%): STAR 50 +14.45%, ChiNext +9.13%, SZSE Component +7.78%, CSI 300 +5.68%, SSE Composite +4.21%.
- Macro showed risk-on too: IBIT +15.70%, EEM +14.11%, USO +12.40%; VXX -28.11% (1M pct_rank 2.38) and UUP -1.11%.

## Half-year (6M)

- Energy still anchors the 6M regime: USO +90.76% (pct_rank 98.02), XLE +31.05% (93.25); SMH +39.89% and GLD +11.76% are the next-largest gainers.
- US index returns are positive but moderate over 6M: Russell 2000 +9.81%, Nasdaq Comp +6.29%, S&P 500 +5.11%, Dow Jones +4.10%; US sector breadth is 5/8 positive with risk_on_score 3.
- China is split over 6M: A-shares 5/5 positive (SZSE Component +13.41%, ChiNext +16.64%, STAR 50 +5.86%, SSE Composite +4.14%, CSI 300 +3.26%), while Hong Kong is weak — Hang Seng -0.69%, Hang Seng Tech -18.64%, FXI -10.60%.
- Rates and crypto continue to drag: TLT -5.58%, IBIT -31.13% (max_dd -44.7%); US 10Y Yield +8.46% (pct_rank 98.02).

## Year (1Y)

- SMH leads the 1Y tape at +131.74%, with USO +102.23% (pct_rank 99.6), ChiNext +86.08%, XLK +51.44%, SZSE Component +50.04%, STAR 50 +46.77%, EEM +44.97%, Nasdaq Comp +41.89%, Russell 2000 +41.10%, XLE +40.09%, GLD +38.45%, XLI +32.53%, S&P 500 +29.20%, CSI 300 +26.58%, SSE Composite +25.00%, Dow Jones +22.51%, Hang Seng +21.95%, XLY +18.43%.
- US sector breadth is 8/8 positive (100%) and A-share breadth is 5/5 positive (100%) with risk_on_score 3, the strongest reading in the table.
- VXX -55.27% and TLT -2.83% capture the year's vol compression and bond drag; UUP +0.51% shows little net move in the USD index over 1Y.
- 1Y laggards: IBIT -20.27% (max_dd -49.36%) and Hang Seng Tech +0.64% (max_dd -30.42%) are the visible weak spots against an otherwise strong cross-section.

## 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 | 7,139 | -0.49% | +1.06% | +12.09% | +2.30% | +5.11% | +29.20% | +4.09% |
| Nasdaq Comp | 24,664 | -0.90% | +1.66% | +17.74% | +3.56% | +6.29% | +41.89% | +6.15% |
| Dow Jones | 49,142 | -0.05% | -0.02% | +8.80% | +0.28% | +4.10% | +22.51% | +1.57% |
| Russell 2000 | 273.91 | -1.17% | -0.22% | +12.67% | +3.47% | +9.81% | +41.10% | +10.10% |
| VIX (VXX) | 28.33 | -1.94% | -5.22% | -28.11% | +5.16% | -14.36% | -55.27% | +8.54% |

### US sectors

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| XLK (Tech) | 157.85 | -1.69% | +2.04% | +21.50% | +6.62% | +7.53% | +51.44% | +9.39% |
| XLF (Financials) | 51.85 | +0.08% | -0.86% | +8.45% | -2.17% | -2.37% | +7.98% | -5.61% |
| XLE (Energy) | 57.71 | +1.66% | +3.29% | -7.75% | +16.19% | +31.05% | +40.09% | +26.42% |
| XLV (Healthcare) | 143.84 | +0.26% | -1.43% | +0.40% | -7.47% | -1.50% | +4.19% | -7.50% |
| XLY (Cons Disc) | 117.01 | -0.70% | -1.65% | +10.72% | -4.63% | -1.53% | +18.43% | -1.13% |
| XLP (Cons Staples) | 83.08 | +0.90% | +1.52% | +1.59% | -0.10% | +5.04% | +2.77% | +6.94% |
| XLI (Industrials) | 170.98 | -0.89% | -0.27% | +7.40% | +3.59% | +10.37% | +32.53% | +8.23% |
| SMH (Semis) | 491.21 | -2.97% | +5.71% | +31.25% | +20.62% | +39.89% | +131.74% | +31.59% |

### China A-shares

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| SSE Composite | 4,079 | -0.19% | -0.16% | +4.21% | -0.85% | +4.14% | +25.00% | +1.37% |
| SZSE Component | 14,830 | -1.10% | -1.01% | +7.78% | +4.77% | +13.41% | +50.04% | +7.24% |
| CSI 300 | 4,758 | -0.27% | -0.21% | +5.68% | +0.83% | +3.26% | +26.58% | +0.86% |
| ChiNext | 3,597 | -1.43% | -2.50% | +9.13% | +9.72% | +16.64% | +86.08% | +9.17% |
| STAR 50 | 1,489 | -1.31% | +4.34% | +14.45% | +0.38% | +5.86% | +46.77% | +6.07% |

### Hong Kong

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| Hang Seng | 25,680 | -0.95% | -3.05% | +1.36% | -3.41% | -0.69% | +21.95% | -2.50% |
| Hang Seng Tech | 4,827 | -2.28% | -4.63% | -1.94% | -15.99% | -18.64% | +0.64% | -15.85% |

### Global macro

| Instrument | Last | 1D | 1W | 1M | 3M | 6M | 1Y | YTD |
|---|---:|---:|---:|---:|---:|---:|---:|---:|
| UUP (USD index) | 27.53 | +0.29% | +0.22% | -1.11% | +4.00% | -1.36% | +0.51% | +1.55% |
| GLD (Gold) | 421.91 | -1.86% | -1.78% | +1.74% | -11.38% | +11.76% | +38.45% | +5.93% |
| USO (WTI Crude) | 139.60 | +3.62% | +8.85% | +12.40% | +84.51% | +90.76% | +102.23% | +102.44% |
| TLT (20Y+ UST) | 86.37 | +0.10% | -0.23% | +0.85% | -1.63% | -5.58% | -2.83% | -0.76% |
| IBIT (Bitcoin) | 43.27 | -0.67% | +1.79% | +15.70% | -14.54% | -31.13% | -20.27% | -15.06% |
| EEM (EM equity) | 62.99 | -1.02% | +1.19% | +14.11% | +4.39% | +14.32% | +44.97% | +12.00% |
| FXI (China lg-cap) | 36.25 | -0.55% | -2.32% | +4.02% | -9.24% | -10.60% | +6.68% | -8.97% |
| US 10Y Yield | 4.3600 | +0.23% | +1.40% | +0.23% | +2.35% | +8.46% | +0.93% | +4.06% |

### Breadth & risk-on

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