Nu Holdings shares sharply fell on October 26, 2026, the day after Luiz Inácio Lula da Silva won Brazil’s presidential runoff with 51.8% of the vote against 48.2% for Flávio Bolsonaro. The stock traded between $15.16 and $12.59 before closing down an estimated 17% to 25%, leaving it roughly 36% below its January 2026 peak of $18.76. Investors had positioned themselves for a Bolsonaro victory, associated with lower interest rates and lighter regulation, while the Brazilian real fell more than 10% against the US dollar. Nu is particularly exposed because 118 million of its 139 million customers were in Brazil as of the second quarter of 2026, despite gross revenue of $5.9 billion and net income of $1.06 billion. Its third-quarter results, expected around November 12, 2026, will provide the first indication of whether the company’s operating momentum withstood the abrupt reversal in market expectations.
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