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. 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.

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