Brazil election shock hits markets; neocloud stocks slide

Brazilian assets plunged after Luiz Inácio Lula da Silva won a fourth presidential term, with the iShares MSCI Brazil ETF falling over 20% overnight and the real dropping 10% in Asian trading. Bolsonaro refused to concede, citing voting irregularities, while U.S.-listed Brazilian stocks like Petrobras, Itaú Unibanco, and Ambev fell sharply premarket. Markets favored Bolsonaro's fiscal austerity plans, leaving Lula to prove he can stabilize debt. Elon Musk warned neocloud stocks face a "guppy-level death," sending CoreWeave, Nebius, and IREN lower premarket after October declines exceeding 30%. Investors await Fed, ECB, and BOJ rate decisions this week, plus earnings from Alphabet, Microsoft, and Amazon.