Major-bank shares tumbled Tuesday on rumors, later denied, that Brazil was planning to devalue its currency.

The murmurs about Brazil and its currency have swirled for many months. Speculation became intense Tuesday morning as the market awaited an economic austerity package to improve the country's weakened economy.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.