Midday Mashup, October 26, 2026

Brazil's election shock remains the dominant story of the session, and it has only deepened since the morning. Luiz Inácio Lula da Silva's runoff win has driven the Brazil ETF EWZ down 21.2%, the Latin America ETF ILF down 11.7%, and Mercado Libre down 9.1%, with JPMorgan cutting Brazil's real and rates to market-weight and the real itself slumping more than 8% in spot trading. Bovespa futures extended losses to nearly 20% at one point. The regional damage is spilling into related names, with Coinbase flagging that some users cannot convert reais to trade crypto.

Oil has reversed its earlier pullback, with Brent back near $117 a barrel. The move comes alongside a Yemeni military source's unverified claim, carried by Iranian state-linked outlets, that Aramco has lost more than $100 billion in market value from Houthi strikes, plus a reported Saudi offer of $1 billion to the Houthis to halt attacks. UKMTO has also received reports of a vessel on fire near Iraq, and KLM has cancelled Riyadh and Dammam flights through November 27. The US Strategic Petroleum Reserve has fallen to its lowest level since 1982, underscoring how thin the supply cushion has become.

Anthropic has formally filed for a Nasdaq IPO under the ticker ANT, targeting the week of November 16, with Amazon providing up to $20 billion in financing and the filing itself warning of catastrophic and existential AI risks alongside unsustainable revenue growth. SpaceX priced bonds at up to 8.75% on its $40 billion credit deal, with Semafor noting AI fears are adding roughly 200 basis points of premium to the debt.

Microsoft is offering buyouts to 60,000 workers as part of fresh cost cuts. Elsewhere, Comfort Systems USA (+8.9%), Lumentum Holdings (+10.5%), Ciena (+7.1%), Coherent (+7.4%) and Viasat (+10.0%) are among the session's strongest gainers, while Fair Isaac has dropped 15.2% and FMC Corp is down 6.7%.