Shanghai industrial stocks outpace U.S. tech as commodity markets shift

The same period saw total revenue of 39.07 trillion yuan, a 3.8% increase from the prior year, as disclosed by the Shanghai Stock Exchange’s third‑quarter filings completed on 31 Oct 2026.

All 2,317 firms had completed their third‑quarter disclosures by the end of October, confirming that about 80% were profitable and that 60% reported net‑profit growth year‑on‑year. Non‑financial firms generated operating cash flow of 2.83 trillion yuan, 18.3% higher than a year earlier and 1.5 times their net profit.

The market shift toward industrial and high‑tech manufacturing is highlighted by the Shanghai report, which notes earnings moving toward those segments and blue‑chip firms providing stability while STAR Market and manufacturing firms show strong profit growth. Global commodity markets are shifting toward supply-driven security, a trend echoed in parallel market movements worldwide.

U.S. market data on the same day show the Nasdaq Composite falling 1.25% to 26,310.99, the S&P 500 down 0.55% to 7,702.64, and the Dow Jones Industrial Average slipping 0.08% to 53,416.87, reflecting broader investor sentiment amid inflation and yield concerns. Apple reported revenue of $113.4 billion and earnings per share of $1.99, raising some hardware prices because of higher memory costs.

Since the 2022 bear‑market bottom, the Dow has risen 82%, the S&P 500 115%, and the Nasdaq 154%, according to Fool.com, while the Shiller CAPE ratio for the S&P 500 stood at 40.66, 133% above its 156‑year average, marking an unusually high valuation. The CAPE has stayed above 40 for six consecutive months since May 2026, a level first exceeded in 1999‑2000 before the dot‑com bust. Research shows every 20‑year rolling period since 1900 delivered a positive average annual total return for the S&P 500, implying long‑term profitability.

Home Depot reported second‑quarter earnings of $4.92 per share and sales of $47.861 billion, both beating analyst estimates. In contrast, Fabrinet’s shares fell about 19% after issuing guidance below expectations. Several Nasdaq‑listed firms experienced extreme moves: Profusa surged 193% to $13.26, Xos jumped 106% to $4.32, Wetour Robotics rose 73% to $42.62, while Lucas GC fell 79% to $0.30, Synergy CHC dropped 31% to $0.11, and Ucloudlink declined 28% to $0.49.

European markets slipped modestly, with the STOXX 600 down 0.3%, Germany’s DAX down 0.3%, France’s CAC 40 down 0.4%, while Spain’s IBEX 35 rose 0.4% and London’s FTSE 100 gained 0.3%. In Asia, Japan’s Nikkei fell 2.54%, Hong Kong’s Hang Seng edged up 0.07%, China’s Shanghai Composite rose 0.19%, and India’s BSE Sensex slipped 0.63%. Commodity prices moved: oil rose 0.8% to $85.18, gold fell 0.5% to $4,451.30, silver dropped 1.5% to $65.25, and copper fell 0.9% to $6.5585.