Stock Market Today, Oct. 7: Itaú Unibanco Falls on Profit-Taking After Brazil Election Rally

Source The Motley Fool

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.

How the markets moved today

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.

What this means for investors

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.

A runoff election will be held after no candidate won the necessary 50% majority in the first round of voting on Oct. 4. But conservative candidate Flávio Bolsonaro surprised pollsters by receiving more votes than incumbent President Luiz Inácio Lula da Silva.

That was the catalyst for a rally in Brazilian stocks, including bank names. Analysts responded with predictions that recurring net income will jump, and Itaú shares spiked to over $10 per share for the first time in more than five years.

Investors took some gains today, though, knowing that final results could still surprise election watchers.

Should you buy stock in Itaú Unibanco right now?

Before you buy stock in Itaú Unibanco, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Itaú Unibanco wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $370,440!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,470,022!*

Now, it’s worth noting Stock Advisor’s total average return is 955% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.

See the 10 stocks »

*Stock Advisor returns as of October 7, 2026.

Howard Smith has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Nu Holdings. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold Price Forecast: XAU/USD retraces gains and nears two-month lows at $4,104Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and resumes its broader bearish trend, with the US Dollar (USD) appreciating across the board, as investors brace for the release of the minutes of the latest Federal Reserve (Fed) meeting.
Author  FXStreet
12 hours ago
Gold (XAU/USD) retraces Tuesday’s gains on Wednesday and resumes its broader bearish trend, with the US Dollar (USD) appreciating across the board, as investors brace for the release of the minutes of the latest Federal Reserve (Fed) meeting.
placeholder
WTI rises to near $89.50 as Middle East supply threats offset Persian Gulf recoveryWest Texas Intermediate (WTI) oil price extends its gains for the second successive day, trading around $89.50 per barrel during the Asian hours on Wednesday. Crude oil climbed as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region.
Author  FXStreet
21 hours ago
West Texas Intermediate (WTI) oil price extends its gains for the second successive day, trading around $89.50 per barrel during the Asian hours on Wednesday. Crude oil climbed as persistent risks to Middle East energy flows overshadowed signs of rising supply from the region.
placeholder
AUD/USD Price Forecast: Struggles to return to 0.7000 amid firm US DollarThe Australian Dollar (AUD) gives back its early gains after rising to near 0.6975 and turns marginally lower at around 0.6964 against the US Dollar (USD) during the European trading session on Tuesday.
Author  FXStreet
Yesterday 08: 58
The Australian Dollar (AUD) gives back its early gains after rising to near 0.6975 and turns marginally lower at around 0.6964 against the US Dollar (USD) during the European trading session on Tuesday.
placeholder
Japanese Yen drifts lower as sustained USD buying offsets intervention fearsThe USD/JPY pair attracts some buyers following the previous day's two-day price moves, trading above the 158.00 mark during the early part of the European session on Tuesday.
Author  FXStreet
Yesterday 07: 53
The USD/JPY pair attracts some buyers following the previous day's two-day price moves, trading above the 158.00 mark during the early part of the European session on Tuesday.
placeholder
Gold holds steady below $4,150 amid elevated US yields Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.
Author  FXStreet
Yesterday 01: 14
Gold price (XAU/USD) trades on a flat note near $4,140 during the early Asian session on Tuesday. Pressure from a stronger US Dollar (USD) and elevated US Treasury yields was offset by reduced expectations of a Federal Reserve (Fed) rate hike this month.
goTop
quote