US Stock Market Movement | Brazilian Election Results Shock the Market, Brazil-Listed Assets Plummet

According to reports from Zhitong Finance APP, on Monday, U.S.-listed Brazilian companies plummeted, with Petrobras (PBR.US) falling nearly 17%, Itaú Unibanco (ITUB.US) dropping more than 20%, Bradesco Bank-Preferred (BBD.US) falling over 28%, Nu Holdings (NU.US) sliding more than 20%, XP Inc (XP.US) plunging over 52%, and MercadoLibre (MELI.US) falling more than 11%. According to data from Brazil’s Superior Electoral Court, left-wing incumbent President Lula defeated Senator Flavio Bolsonaro in the second round of the presidential election on Sunday with 51.8% of the vote against 48.2%, winning an unprecedented fourth term.