Why Nu Holdings Stock Got Crushed on Monday

Nu Holdings stock plummeted nearly 17% on Monday following Brazil's presidential runoff election, where leftist incumbent Luiz Inácio Lula da Silva won reelection. Investors reacted negatively to concerns about Lula's interventionist policies and their potential impact on the Brazilian economy and currency. The Brazilian real depreciated significantly against the U.S. dollar post-election, raising concerns about economic headwinds ahead.