Nu Holdings stock sinks after Lula wins Brazil’s presidential runoff

The Nubank parent now trades roughly 36% below its January high as investors reprice Brazil's political risk Nu Holdings, the company behind Brazilian digital bank Nubank, had a rough Monday. Its shares fell sharply on October 26, 2026, one day after Luiz Inácio Lula da Silva won Brazil’s presidential runoff. The slide leaves the stock roughly 36% below its January 2026 high of $18.76. What happened on October 26 Lula took the October 25 runoff with 51.8% of the vote. His opponent, Flávio Bolsonaro, finished with 48.2%. Markets had been leaning the other way. Investors had priced in a more favorable result for Bolsonaro. That bet had pushed Nu’s stock higher, on hopes for lower interest rates and lighter regulation. When the results came in, that optimism unwound fast. Estimates of Nu’s single-day decline range from approximately 17% to 25%. The stock opened the session near $15.16 and closed around $12.59. At one point in premarket trading, it was down close to 22%. Nu was hardly alone. The Bovespa, Brazil’s benchmark stock index, dropped somewhere in the range of 13% to 15%, and trading halts were reported during the session. The currency took a beating too. The Brazilian real fe...