New York, January 26, 2026, 14:30 EST — Regular session
- Shares of Shopify fell about 1.2% in afternoon trading, pushing their total decline to more than 12% since mid-January
- The Fed’s rate decision this week, along with a wave of mega-cap tech earnings, is shining a harsh light on high-growth valuations
- Shopify’s revamp of its partner program is drawing investor attention, especially as it rolls out new retail checkout hardware
Shares of Shopify Inc. fell about 1.2% to $136.18 Monday afternoon, pulling back from an intraday low of $135.89. The stock traded down $1.71 from Friday’s close, with roughly 4.1 million shares changing hands.
The dip comes just before a busy week, as investors zero in on the Federal Reserve and a series of mega-cap earnings reports to assess the high-growth tech outlook. “Wednesday’s Fed announcement will likely keep politics in the headlines,” noted Chris Larkin of E*Trade at Morgan Stanley, while the S&P 500 and Nasdaq posted gains in early trading. 1
Shopify’s shares have taken a hit this January, dropping about 13% since closing on Jan. 16 and roughly 15% from December’s end. The stock slipped in four of the last five sessions after a sharp mid-month plunge. 2
Company-specific news has slowed this week, but Shopify’s recent shake-up in its partnerships division is still under scrutiny. The company trimmed roles in that unit as part of a “restructuring” or “reorganization,” according to LinkedIn posts flagged by BetaKit. Shopify didn’t disclose how many positions were cut. VP of partnerships Atlee Clark said the company is “building low-friction systems and investing in high-trust relationships” as it pivots the program toward an AI focus. 3
Shopify is doubling down on in-store sellers, a key growth area as brands blend online and physical retail. In its January retail update, the company introduced a new POS Hub — a wired USB device aimed at boosting checkout reliability. It also revealed a partnership with Verifone to bring Victa terminals into Shopify POS. (POS, or point of sale, refers to the checkout tech used in stores.) 4
Shopify hit back at legal threats it says unfairly target smaller merchants. The company highlighted an appeals court decision that upheld a lower court ruling, overturning a $40 million patent verdict linked to Express Mobile. It also signaled plans to keep fighting similar cases rather than settling. 5
Shopify’s fundamentals will face scrutiny in the next earnings report after a strong demand update came alongside rising costs. The latest quarterly results forecast mid-to-high twenties percentage revenue growth for the holiday quarter. But the company warned that investments in AI and marketing are squeezing margins. Harley Finkelstein, Shopify’s president, said their AI assistant Sidekick is “quickly becoming the default way merchants get things done.” 6
The stock’s biggest threat right now is its sensitivity to rates. Just a hint that borrowing costs will stay high could throw off the revenue-multiple math investors use for software names, particularly after the sharp drop seen earlier this year.
Peers painted a mixed scene. Wix.com nudged higher, while Amazon stayed close to flat, leaving Shopify lagging behind several e-commerce competitors by the end of the day.
The next big date is Wednesday, when the Fed concludes its Jan. 27–28 meeting. The policy statement will be released at 2:00 p.m. ET, followed by the press conference at 2:30 p.m. ET — both are known to spark quick reactions in rate-sensitive tech stocks. 7
