Nu Holdings surges 12% to $15.09 on Brazil election upset

Nu Holdings shares climbed 12% to $15.09 in early trading on October 5, 2026, advancing alongside a broader rally in Brazilian assets listed in the United States. The move followed a first-round upset in Brazil's presidential election, where right-wing Senator Flavio Bolsonaro finished ahead of President Luiz Inacio Lula da Silva. The two candidates now advance to a runoff election later this month.

The market reaction remained concentrated in Brazil-linked companies. U.S. fintech peers moved little, as Robinhood rose 0.9% and SoFi fell 0.1%. Broader indices provided minimal momentum, with the SPDR S&P 500 ETF Trust essentially unchanged and the Financial Select Sector SPDR ETF up 0.26% to $53.62. Brazil is the primary market for the Nubank operator, accounting for nearly 118 million of its 139 million total customers reported in the second quarter of 2026.

Despite the daily climb, Nu Holdings stock remains lower year to date. The company previously disclosed that it was not pursuing an acquisition of Monzo, a privately held British digital bank. Operationally, Nu Holdings reported second-quarter revenue of $5.51 billion, up 55.8% year over year, and launched banking operations in Mexico on August 6.

Investors also face fundamental headwinds in the country, including an effective combined Brazilian tax rate of 42.5%. Additionally, Stage 3 credit-impaired loans stood at 8.3% in the second quarter.