NEW YORK, Feb 23, 2026, 09:56 EST — Regular session.
- XP dropped roughly 2.4% out of the gate, giving up some of Friday’s jump.
- Markets are jittery over tariff uncertainty following a Supreme Court decision.
- Governance shifts flagged in recent filings have caught investors’ attention, too.
XP Inc dropped 2.4% to $22.40 shortly after the open Monday, caught in the wider slump hitting risk assets as new doubts swirled around U.S. tariff policy.
This shift is drawing attention, as XP has acted as a high-beta stand-in for Brazil risk and the broader mood around financials. Macro headlines land, and shares exposed to cross-border currents and emerging markets can lurch, even if there’s no fresh company news.
The U.S. Supreme Court’s decision to overturn previous tariffs, followed by President Donald Trump’s fresh 15% tariff announcement, jolted markets and threw both legal and policy outlooks into flux. “The tariff landscape is now more uncertain than before,” NAB senior FX strategist Rodrigo Catril said. (Reuters)
Monday’s drop came as traders locked in profits after Friday’s rally, according to one portfolio manager. “You simply can’t bet against Trump,” said Thomas Hayes, chairman at Great Hill Capital. (Reuters)
XP shares pulled back after a brisk rally late last week. The stock surged 6.84% Friday, ending the session at $22.95, on top of Thursday’s 6.55% gain, per Investing.com data. (Investing)
Brazilian financial stocks trading in the U.S. also lost ground. Shares of Nu Holdings slipped roughly 1.3%. StoneCo gave up around 3.2%, while Itaú Unibanco’s U.S.-listed stock edged down 0.8%.
XP’s governance remains the headline issue. According to a February 12 SEC filing, Thiago Maffra and José Berenguer are slated to take on voting stakes in XP Control LLC, tied to a planned leadership shift. Other partners are set to leave the controlling entity, receiving cash and Class A shares instead.
In a separate Schedule 13D/A, the filing pointed to a reshuffle that trimmed beneficial ownership and signaled there could be another drop if a repurchase right gets used. The document also highlighted that Class B shares come with greater voting power compared to Class A. (SEC)
Even so, Monday’s session seemed driven by broad forces. The focus stayed on possible shifts in tariff policy and how those might ripple through rates, the dollar, and the overall mood toward emerging markets.
XP bulls face a clear risk: a drawn-out tariff battle could sour sentiment, right as valuations have already climbed. Should volatility dent client activity or trigger outflows from risk assets, brokerage names like these tend to lose steam fast.
Some strategists are urging caution on the first swings. “These initial moves appear to be knee-jerk reactions to headlines rather than true signals of fundamental change,” said Brian Levitt, Invesco’s chief global market strategist. (Reuters)
The Ibovespa slipped roughly 0.5% in Brazil, with international markets feeling the pressure from tariff uncertainty—an extra drag on U.S. stocks tied to Brazil. (TradingView)
Traders are zeroed in on the next move: U.S. Customs and Border Protection announced plans to stop collecting tariffs under the International Emergency Economic Powers Act as of 12:01 a.m. EST Tuesday, citing the Supreme Court ruling. The agency will switch over to the new 15% global tariff, which draws on a different legal basis. (Reuters)
