NEW YORK, Feb 23, 2026, 09:56 EST — Regular trading on.
- XP slid about 2.4% at the open, pulling back after Friday’s surge.
- Tariff uncertainty is rattling markets after a Supreme Court decision.
- Investors have also taken note of governance changes highlighted in recent filings.
XP Inc slid 2.4% to $22.40 just after Monday’s opening bell, as risk assets took a hit with fresh questions cropping up over U.S. tariff policy.
XP is catching eyes lately—its shares have been a kind of high-beta proxy for Brazil risk and sentiment across financials. When macro headlines hit, stocks tied to emerging markets and cross-border flows like XP can swing sharply, regardless of whether there’s any new company-specific news.
The Supreme Court scrapped earlier tariffs, and before the dust could settle, President Donald Trump slapped on a new 15% tariff—sending markets into a tailspin and clouding prospects for both policy and law. “The tariff landscape is now more uncertain than before,” said NAB senior FX strategist Rodrigo Catril. Reuters
Traders took some money off the table on Monday, following Friday’s rally, a portfolio manager said. “You simply can’t bet against Trump,” noted Thomas Hayes, chairman at Great Hill Capital. Reuters
XP shares eased following a swift climb late last week. On Friday, the stock jumped 6.84% to close at $22.95, building on Thursday’s 6.55% advance, according to Investing.com data.
Brazilian financial names took a hit in U.S. trading. Nu Holdings dropped about 1.3%. StoneCo sank 3.2%. Itaú Unibanco’s U.S. shares also slipped, down 0.8%.
Governance questions at XP still dominate. A February 12 SEC filing shows Thiago Maffra and José Berenguer lined up to receive voting interests in XP Control LLC as part of an expected leadership transition. The plan calls for other partners to exit the controlling group, taking cash plus Class A shares in exchange.
A fresh Schedule 13D/A flagged a cut in beneficial ownership after a reshuffle, and left the door open to a further reduction if a repurchase right is exercised. The filing also reminded that Class B shares hold more voting power than Class A.
Still, broader trends shaped Monday’s action. Investors kept their eyes on potential changes in tariff policy—watching for knock-on effects in rates, the dollar, and sentiment around emerging markets.
There’s an obvious catch for XP bulls—another round of tariffs drags on, and sentiment might turn just as valuations sit high. If choppier markets hit client flows or riskier assets fall out of favor, brokerages such as this one can see momentum unravel quickly.
Some strategists are throwing up warning flags on the early action. “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
Ibovespa dropped about 0.5% in Brazil as international markets reacted to nagging tariff uncertainty, which pushed down U.S. stocks connected to Brazil.
Traders are already watching the shift after U.S. Customs and Border Protection said it will halt tariff collection under the International Emergency Economic Powers Act starting at 12:01 a.m. EST Tuesday, following a Supreme Court decision. Instead, the agency will implement a new 15% global tariff, this time relying on a separate legal authority.
