NEW YORK, Jan 12, 2026, 12:27 EST — Regular session underway.
- Spotify dipped roughly 1.2% by midday, trailing behind a largely steady U.S. market
- Renewed pressure on the Fed is fueling macro jitters ahead of Tuesday’s inflation data
- Attention now turns to Spotify’s quarterly report on February 10, looking for clues on pricing and ad demand.
Shares of Spotify Technology S.A. slipped 1.2% to $532.97 by midday Monday, lagging behind a mostly steady market. The S&P 500-tracking SPY ETF edged up 0.1%, while the Nasdaq 100-tracking QQQ ETF gained 0.2%.
The shift unfolded as investors digested fresh political pressure on the Federal Reserve alongside a proposal to cap credit-card interest rates. This combination has nudged traders toward a defensive posture once again. “Any further meaningful moves towards less independence is not going to be viewed favorably by markets,” said Jordan Rizzuto, chief investment officer at GammaRoad Capital Partners. 1
That context is crucial for high-multiple growth stocks, which hinge largely on rate expectations. The next big macro event: Tuesday’s U.S. Consumer Price Index, the government’s primary inflation measure, comes out at 8:30 a.m. ET. 2
Spotify underperformed several big-cap rivals during the session. Netflix gained roughly 0.5%, with Apple and Alphabet posting modest advances as well.
Spotify investors remain caught between two familiar issues: subscription growth and ad demand, plus the question of how much operating leverage the company can extract as the cycle shifts. When volatility hits, it’s usually ad exposure that takes the first hit.
The company recently underwent a leadership shuffle. Founder Daniel Ek stepped into the executive chairman role this month, handing the CEO reins to Alex Norström and Gustav Söderström, who will serve as co-CEOs. 3
Pricing continues to drive momentum. According to a November report by the Financial Times, Spotify intends to hike U.S. subscription fees in the first quarter—marking its first price boost in the U.S. since mid-2024. 4
But a price hike doesn’t guarantee easy gains. Bigger bills can push more users to quit, especially when competitors offer bundles or promotions. Plus, licensing fees keep climbing.
Spotify announced it will release its fourth-quarter results and a shareholder presentation on Feb. 10 ahead of market open. An 8 a.m. ET Q&A session will follow. Investors are focused on subscriber growth, ad revenue trends, and potential updates on U.S. pricing. 5
