New York, Jan 18, 2026, 17:05 EST — Market closed
- Shopify shares closed down on Friday and will remain inactive until trading resumes Tuesday.
- Investors are gearing up for a packed earnings slate, a stretch that often intensifies swings in high-growth stocks.
Shopify (SHOP) shares slipped 1.38% to $155.81 on Friday, according to Nasdaq data. On the Toronto exchange, the stock dipped 1.21%, closing at C$217.03, per the company’s investor relations page. The U.S. listing fluctuated between $155.57 and $159.92 during the session, ending roughly 14% under its 52-week peak. (Shopify Investors)
The slide unfolded during a volatile session that left U.S. stocks nearly unchanged ahead of a long weekend, as investors held back at the start of the fourth-quarter earnings season, according to a Reuters market wrap. “The S&P 500 is still within spitting distance of 7,000 – most investors will take that as a win,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial. Bruce Zaro, managing director at Granite Wealth Management, added that “the middle part of January tends to be pretty choppy.” (Reuters)
Shopify’s position is crucial now, as it straddles consumer demand and how much merchants invest in digital tools. Both factors can swing quickly during earnings season — and the stock usually follows suit.
U.S. markets are closed Monday for Martin Luther King Jr. Day, setting the stage for a fresh start Tuesday. When trading resumes, Shopify could be a key player, primed to move sharply as investors reset their positions.
In November, Shopify reported robust demand for the holiday season, projecting fourth-quarter revenue growth in the mid-to-high twenties percentage range. President Harley Finkelstein highlighted on the earnings call that the company’s AI assistant, Sidekick, is “quickly becoming the default way merchants get things done.” (Reuters)
The key metrics remain the same. Investors focus on gross merchandise volume, or GMV — the total value of goods sold via Shopify’s platform — using it as a stand-in for merchant activity. They then scrutinize the company’s spending to fuel that growth.
Shopify’s move into payments and expanded merchant services boosts revenue during sales surges, but it also ties the company more directly to the real economy. When merchants cut back on spending, the stock tends to react fast.
The risk is clear: if costs for product, marketing, and AI climb faster than revenue, margins will tighten and investors could lose patience. A weaker post-holiday demand outlook would hit a stock still trading near the high end of its recent range hard.
Tuesday’s open on Jan. 20 marks the next key moment, as U.S. markets resume after the long weekend. After that, Shopify investors will be watching closely for clues about the timing of the company’s upcoming quarterly results—and more crucially, whether management expects merchant demand to stay strong as earnings season unfolds.
