NEW YORK, January 2, 2026, 21:00 ET — Market closed
- Shopify shares closed down 2.3% on Friday at $157.20.
- A Canadian appeals court ordered Shopify to retain data sought by the Canada Revenue Agency in a tax case. Barchart
- Investors are watching next week’s U.S. jobs and inflation reports for clues on interest-rate expectations. Reuters
Shopify Inc. shares slid 2.3% on Friday, and investors weighed a Canadian appeals court order requiring the company to retain data sought by the Canada Revenue Agency in a tax dispute. The stock ended at $157.20. Barchart
The timing matters because the data fight lands as investors head into 2026 focused on regulation, privacy and the interest-rate outlook — all key inputs for high-growth software stocks.
U.S. stocks ended mixed in the first session of 2026 as Treasury yields moved higher and the tech-heavy Nasdaq dipped slightly. “Value is outperforming growth,” Argent Capital portfolio manager Jed Ellerbroek said. Reuters
In the Canadian case, the Minister of National Revenue asked Judge Nathalie Goyette to order Shopify to retain the data, citing a policy of deleting information from inactive accounts after two years, CityNews reported. The CRA has sought six years of data from Shopify merchants since 2023 to assess compliance with Canada’s Income Tax Act and Excise Tax Act. CityNews Winnipeg
The CRA will not comment on the case because it remains before the courts, a spokesperson told the Winnipeg Free Press, which also reported Shopify did not respond to a request for comment. Winnipeg Free Press
For investors, the concern is less about an immediate revenue hit and more about the risk of higher compliance costs and lingering legal uncertainty that can weigh on sentiment.
Shopify, which provides software that lets merchants run online storefronts and payments, tends to trade like a rate-sensitive growth stock — rising when investors expect lower interest rates and falling when yields climb.
Shopify last gave a detailed business update in November, when it beat estimates for third-quarter revenue and projected holiday-quarter revenue growth in the mid-to-high twenties percentage range as it invested in AI and marketing, Reuters reported at the time. Reuters
Before markets reopen on Monday, traders will be watching for any follow-on court developments and whether Friday’s rate-driven rotation in equities carries into the first full trading week of the year.
The bigger near-term catalyst for growth stocks may be macro data, with the U.S. jobs report due on Jan. 9 and consumer price index data due on Jan. 13, Reuters reported. Fourth-quarter earnings season also looms in a busy January. Reuters
For Shopify specifically, MarketScreener’s calendar lists Feb. 17 as the projected date for fourth-quarter 2025 results. Into the next session, traders will watch whether the stock holds above Friday’s low near $155 and can reclaim the $160 area. Marketscreener
