Luiz Inácio Lula da Silva won Brazil's presidential runoff for a fourth term, a result many investors had not positioned for, and Senator Flávio Bolsonaro has not conceded. Nu Holdings fell 25% to $11.30, Petrobras dropped 21% to $20.54 and MercadoLibre slid 15% to $1,545, while the iShares MSCI Brazil ETF (EWZ) lost 28% to $30.66 and the SPDR S&P 500 ETF Trust (SPY) rose 0.3% to $762.13. The article links Nu's drop to fears of higher taxes and tighter regulation on Brazilian lenders, Petrobras' to possible state intervention, fuel-price controls, taxation and dividend policy, and MercadoLibre's to Brazil being its largest market. Watch points include how quickly Lula's government outlines its fiscal repair plan, new tax measures on financial services, and MercadoLibre's quarterly report expected in early November, though the date is unconfirmed.
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SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/23/2026 | 759.85 |
| Change that session | -0.54% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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