Closing Bell: AI & Tech See Gains, Brazil Stocks Tank With Election Results

Today's biggest winners and losers in the stock market.

On this episode of Stock Movers:

Listen for comprehensive cross-platform coverage of the US market close as heard on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Kristine Aquino, Carol Massar and Tim Stenovec.

- Lumentum Holdings Inc. (LITE) is being started with a buy rating and $1,200 price target at StoneX, which sees strong AI-related demand for the maker of optical equipment. The firm is also starting coverage on Coherent with a buy rating and $425 price target The valuation is being supported by demand related to AI infrastructure, but “qualified shipments, repeatable yields and cash conversion must deliver the earnings growth supporting that valuation”

- Brazilian markets (EWZ) cratered, with the currency and the benchmark stock index quickly racking up losses of more than 10%, as the surprise re-election of leftist President Luiz Inácio Lula da Silva blew up the bullish wagers that investors had made on the country in recent weeks. The real was down almost 8% in afternoon trading, on track for its biggest one-day drop since 1999, and the Ibovespa Index lost roughly 14%, after a circuit breaker halted trading earlier. Investors had concerns that Lula is unlikely to take the steps needed to curb a budget gap exceeding 9% of the economy, and the rout in the country’s assets reflects investor concerns about the stretched fiscal position.

- Instacart (CART) saw a rise of almost 8% and DoorDash (DASH) dropped 6% with the news that DoorDash Inc. is in advanced talks to acquire Instacart parent Maplebear Inc. for roughly $17 billion.

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