Lula and Bolsonaro Projected Into Brazil Runoff

President Luiz Inacio Lula da Silva and conservative challenger Flavio Bolsonaro are projected to head into a runoff election in Brazil, Bloomberg reported on the wire. The projection sets up an immediate political clash over whether Latin America's largest economy will join the region's recent swing to the right. The wire broke the runoff projection as international desks tracked the geopolitical contest into the weekend close. While South American political risk resets its baseline, the spillover into broader overnight risk appetite has stayed remarkably contained. US equity index futures showed little sign of turbulence following the wire bulletin. Front-month S&P 500 futures trade up 0.08% at 7,784, while Nasdaq-100 futures sit up 0.21% at 31,128. Russell futures are up 0.16% at 2,855. Across commodities, front-month WTI crude futures trade at $91.38 and Brent futures sit at $102.95, while front-month gold futures hold at $4,168.00. The US dollar index hovers at 101.87. That quiet print matches what our dealer map shows across the domestic books. SPY sits at 769.82, positioned in long gamma above its 768.21 flip. Its call wall stands at 775 and its put wall sits at 760, with an expected move of plus or minus 0.46%. In positive gamma territory, dealers act as market shock absorbers, buying weakness and selling strength to dampen realized volatility. QQQ is similarly insulated, holding long gamma at 749.63 against a 748.13 flip, framed between its 755 call wall and 736 put wall with a plus or minus 0.67% expected move. Even small caps show structural padding. IWM trades at 281.69, holding long gamma above its 280.17 flip, with its call wall at 284 and put wall at 277 alongside an expected move of plus or minus 0.68%. For now, political realignment abroad is meeting an index book where dealers remain paid to absorb the tape rather than accelerate it.