Afternoon update
Brazil's election result and an AI-lab IPO filing set the direction for Monday afternoon's session.
Brazil's election result and an AI-lab IPO filing set the direction for Monday afternoon's session. The S&P 500 rose 0.78% and the Nasdaq gained 1.03%.
- $XP fell 49.0% after Lula won reelection in an upset over Flavio Bolsonaro. The $7.9B broker had rallied the prior week on expectations of a market-friendly Bolsonaro win.
- EWZ fell 20.87% and traded as much as 27% lower intraday. Brazil's exchange halted trading via circuit breaker, and the real fell about 12%, its steepest drop since 1994.
- Surgery Partners (SGRY) rose 47.6% after HealthSpan Partners agreed to take it private for about $5.7B in cash, or $23.50 per share. Xencor (XNCR) gained 18.0% on early-stage Phase 1 data for XmAb819 in advanced kidney cancer, and said its cash funds the pipeline into 2029.
- SOXL rose 10.85% as chips firmed after Anthropic filed for an IPO, the first frontier AI lab to do so. The filing followed SpaceX closing $40B in debt financing for GPU purchases.
- The semiconductor basket averaged +3.24% with 11 advancers and 0 decliners, and SMH rose 2.93%. Communication services fell 1.79% with 0 advancers and 9 decliners, while XLC fell 1.57%.
Brazilian assets and AI-infrastructure names moved in opposite directions on Monday. Tuesday will show whether Brazil's repricing stabilizes once the circuit-breaker halt is behind it.
Not financial advice. For informational and educational purposes only.
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