New York, January 19, 2026, 09:32 EST — The market has closed.
Alphabet’s Class C shares (GOOG) drew attention Monday as their Frankfurt-listed version dropped 2.4%, hit by a selloff in U.S. tech stocks amid renewed tariff threats from President Donald Trump. Shares of Nvidia and Microsoft, also trading in Frankfurt, fell 2.2% each. Nasdaq 100 futures slipped 1.25%. 1
Wall Street was closed for the Martin Luther King Jr. holiday, leaving overseas markets as one of the rare active indicators for how stocks might perform when U.S. markets resume trading Tuesday.
This matters more now since holiday sessions tend to amplify swings. Big tech often acts as a stand-in for risk appetite when news breaks and cash markets are shut.
Alphabet’s non-voting Class C shares closed at $330.34, slipping 0.8% from their previous level. Meanwhile, the voting Class A shares (GOOGL) wrapped up near $330.
The Frankfurt quote isn’t an exact predictor for New York but offers traders a rough gauge when the U.S. cash market is closed and index futures are in play.
Regulatory risk is resurfacing as February approaches. Google has asked a U.S. judge to hold off on enforcing part of an order that would compel it to share certain search data with competitors, while it appeals a ruling that labeled its online search monopoly illegal, according to court documents. The company argued the data-sharing mandate could reveal trade secrets and said it’s “prepared to do everything short of turning over its data” during the appeal process. Antitrust regulators have until Feb. 3 to decide whether to challenge a separate ruling that dismissed tougher measures, including forcing Google to sell Chrome or ending its default search payments to Apple. 2
The legal tussle unfolds just as investors gear up for Alphabet’s upcoming earnings, where the company must deliver new figures against hefty market expectations for ad revenue and cloud expansion.
Alphabet announced it will release its fourth-quarter and full-year earnings on Feb. 4, followed by a conference call at 4:30 p.m. Eastern. 3
The downside risk is clear. Should the court reject a pause on the data-sharing order, Google might have to comply before its appeal plays out — the very outcome it warns could cause irreparable damage. On top of that, if tariff threats turn into actual policy or spark retaliatory moves, megacap tech stocks could slide alongside the broader market, no matter what their own news says.
U.S. stock and bond markets will be closed Monday, reopening Tuesday. 4
As trading resumes, investors will be eyeing whether Alphabet follows Europe’s risk-off trend and how Nasdaq futures close post-holiday. The calendar points to two key dates: Feb. 3, when the government weighs in on the search case, and Feb. 4, after markets close, when Alphabet reports earnings.
