New York, Jan 23, 2026, 21:04 (EST) — Market closed.
Nu Holdings Ltd (NU) shares edged up 0.2% on Friday, closing at $18.04, following a 4.4% surge the previous day. Investors held steady after the Brazilian digital lender’s recent rally. The stock fluctuated between $17.71 and $18.06 on Friday, with roughly 62.5 million shares traded. (Investing)
Nubank announced Thursday it has crossed 112 million customers in Brazil, making it the country’s largest private financial institution by customer count, according to Brazilian central bank data for 2025. “More than growing in numbers, our focus is to have a meaningful presence,” said Livia Chanes, CEO of Nubank Brazil. (Nu International)
The customer milestone is crucial since Nu’s growth depends on scale: more accounts mean more opportunities to push credit, payments, and savings products — and to drive down costs per user. Yet, the macro backdrop continues to do heavy lifting for rate-sensitive lenders in Brazil.
All eyes now turn to Brazil’s upcoming central bank decision. Economists surveyed by Reuters predict the Selic rate will stay put at 15% on Jan. 28. Most expect the first cut to come in March. (Reuters)
U.S. rates remain pinned to the calendar. The Federal Reserve’s policy committee will meet over two days, Jan. 27-28, releasing a policy statement at 2:00 p.m. ET on the 28th, followed by a press conference at 2:30 p.m. ET. (Federal Reserve)
Nu operates at the crossroads of consumer credit and fluctuating interest rates. Its offerings include a range of digital banking products covering spending, saving, investing, borrowing, and insurance-like protection, per its company profile. (Reuters)
Rising local rates tend to dampen demand for new loans and squeeze household budgets with tougher debt payments, even while banks rake in higher returns on certain assets. When traders begin factoring in rate cuts, stocks can react sharply—often triggered by nothing more than changing expectations.
Nu is up against stiff competition at home. Legacy banks hold sway over much of Brazil’s financial system, while digital challengers battle fiercely on price and features. Gaining customers is helpful, but it doesn’t guarantee protection.
Investors will be watching Monday’s session closely to see if the late-week rally sustains or loses steam. Movements in U.S. yields and the dollar will likely sway emerging-market risk appetite once more. The stock’s heavy volume this week points to ongoing active positioning.
The downside is clear. Should inflation push Brazil’s central bank to keep rates higher for longer than the market anticipates, borrowing costs will climb and loan defaults could increase, particularly in unsecured consumer credit. On top of that, a stronger dollar tends to squeeze risk assets across the board.
The next major events are coming up fast. Investors are focused on the Fed and Brazil’s central bank meetings on Jan. 28, with Nu set to report quarterly earnings on Feb. 25. (Marketbeat)
