Stock Market Today, Oct. 7: Itaú Unibanco Falls on Profit-Taking After Brazil Election Rally
Itaú Unibanco Holding (NYSE:ITUB) , a Brazil-focused universal bank, closed at $9.74, down 4.04%. Investors appeared to take profits after a Brazil-election-themed note and a multi-year high stock price. Investors will be closely watching the Brazilian runoff election round next. Trading volume reached 40.0 million shares, coming in about 64% above its three-month average of 24.3 million shares. Itaú Unibanco Holding IPO'd in 2002 and has grown 825% since going public. The S&P 500 (SNPINDEX:^GSPC) closed at 7,801, down 0.23%, and the Nasdaq Composite (NASDAQINDEX:^IXIC) closed at 27,539, down 0.22%. Among Brazilian diversified banking and financial services peers, Nu Holdings (NYSE:NU) closed at $15.58, down 0.51%, while Banco Santander (NYSE:SAN) closed at $13.66, down 2.50%, showing softer sentiment across the group. Yesterday, Itaú stock soared to its highest level seen in more than five years. Today's drop implies profit-taking, especially with the final results from the Brazilian presidential election still to be determined. Continue reading