XP is trading at $15.35, down 4.63%, after Morgan Stanley downgraded it to Equalweight from Overweight on October 29. - Morgan Stanley cut its price target to $19 from $23, citing uncertainty about Brazil’s rate outlook and cyclical earnings visibility. - Broader U.S. markets are also lower, but the financial-sector context provided is positive and does not explain XP’s decline as well. - No XP-specific trading-volume figure was available.