New York, January 25, 2026, 16:00 EST — The market has shut for the day.
Shares of Shopify Inc ticked higher Friday, ending at $137.89 following a turbulent week for growth stocks. Investors are gearing up for a busy slate of economic data and earnings releases that might rattle markets.
With U.S. markets closed over the weekend, Shopify shares head into Monday caught between shifting interest rate forecasts and a new wave of big-tech earnings that might rattle risk appetite. For SHOP, this matters—its price moves have acted more like a volatile tech name than a steady retail stock.
On Friday, the Dow slipped 0.58%, while the S&P 500 stayed flat and the Nasdaq nudged up 0.28%. Intel’s shares plummeted 17% after delivering a bleak forecast, according to Reuters. Julian McManus, portfolio manager at Janus Henderson, called the upcoming earnings season a “show-me” moment, underscoring the mounting pressure on tech giants to demonstrate real growth. 1
Shopify’s stock fluctuated between $134.65 and $139.89 on Friday, with around 9.6 million shares changing hands, per the company’s stock-quote page. The share price is still down roughly 24% from its 52-week high of $182.19 and has dropped close to 5% since its close at $144.50 on Jan. 20. 2
U.S. consumer sentiment showed a mixed picture for online sales. The University of Michigan’s index rose to 56.4 in the final January reading but is still down more than 20% compared to January last year. At the same time, one-year inflation expectations fell to 4.0%, Reuters reports. 3
Shopify is gearing up for a critical holiday quarter. The company posted third-quarter revenue of $2.84 billion, a 32% increase, with free cash flow reaching $507 million—an 18% margin after operating costs and capital expenses. “We build. We ship. We grow,” President Harley Finkelstein said. Looking ahead, Shopify expects fourth-quarter revenue growth in the mid-to-high twenties. 4
Shopify is ramping up its AI-driven growth story. This month, it unveiled an “agentic commerce platform” and disclosed a partnership with Google to co-create the Universal Commerce Protocol, designed to let AI agents connect with merchant checkouts at scale. Ashish Gupta, Google’s VP/GM of Merchant Shopping, emphasized that “the shift to agentic commerce will require a shared language across the ecosystem.” Shopify also said shopping via Google’s AI Mode and the Gemini app will be launching soon. 5
Shopify’s competitive terrain cuts across software, retail, and payments. When mega-cap tech earnings boost risk appetite, SHOP usually climbs. Yet, a shift to defensive sentiment often hits it hard.
The reverse also holds true. If yields spike again or a policy shock hits growth, investors might rush toward safer, cheaper assets. Shopify’s valuation leaves minimal room for error if holiday-quarter demand or margins fall short.
The Federal Reserve’s next big event is its two-day policy meeting set for Jan. 27-28. The decision will come out at 2:00 p.m. ET on Jan. 28, with a press conference following at 2:30 p.m. ET, according to the Fed’s official calendar. Monday’s open will put Shopify’s recent trading range to the test ahead of this crucial midweek event. 6
