Investors were anticipating a victory from the business-friendly candidate Flavio Balsonaro in the presidential election in Brazil over the weekend, but that didn't happen. Instead, Luiz Inacio Lula da Silva held on to victory and will remain as president. Brazilian stocks had one of their worst days on record on Monday in response to the news. The iShares MSCI Brazil ETF (NYSE: EWZ) tumbled 19.8% on Monday after trading down more than 25% in morning trading. Some of the fund's biggest holdings include Vale, the global mining company; the fintech company Nu Holdings; and Petrobras, Brazil's oil company.
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