Brazilian ADRs traded mostly higher on Wall Street while Brazilian markets remained closed for the November 2 holiday. The receipts followed a positive session in New York, where the main stock indexes were advancing.
Within the Dow Jones Brazil Titans 20 ADR index, industrial companies posted the strongest sector gain, rising 2.85%. Non-cyclical consumer goods followed with a 2.44% increase. Financial stocks advanced 1.42%, while materials gained 0.34% and utilities rose 0.11%.
Energy was the main sector in negative territory, falling 3.56%. Technology was nearly unchanged, with a 0.02% decline. The EWZ exchange-traded fund rose 0.17% to US$32.54.
At around 2:50 p.m., the Dow Jones was up 0.88% at 52,227.49 points. The S&P 500 gained 0.29% to 7,602.25, while the Nasdaq advanced 0.27% to 25,497.97.
Oil prices moved sharply lower amid indications of progress in negotiations aimed at ending the war involving the United States, Israel and Iran. The prospect of an agreement raised expectations of more stable oil supplies from the Middle East. West Texas Intermediate crude fell 7.56% to US$96.57 a barrel, while Brent declined 7.67% to US$104.72.
Among Brazilian stocks, Santander Brasil led the gains with a 2.72% increase, followed by Embraer, which rose 2.67%. Bradesco advanced 1.57%, Itaú Unibanco gained 0.77% and Vale increased 0.40%.
Petrobras fell 3.72%, tracking the decline in crude prices. Suzano lost 0.65%, while Gerdau and Sabesp declined 0.32% and 0.11%, respectively. ADRs are securities traded on foreign exchanges that represent shares of companies from other countries; the Dow Jones Brazil Titans 20 ADR index includes 20 major Brazilian stocks traded in the United States.
Sources: CNN Brasil.