Toronto, Jan 19, 2026, 17:07 EST — Market closed.
Shopify’s stock dipped 1.3% in Toronto on Monday, despite U.S. markets being closed for Martin Luther King Jr. Day. The last U.S. close on Friday saw shares slip 1.4% to $155.81. In Toronto, the shares finished at C$214.15, down 1.3%. 1
With the holiday break keeping U.S. markets quiet, traders turned to foreign listings and futures to gauge risk appetite following President Donald Trump’s tariff threats against several European nations. The news dragged major U.S. tech stocks lower in Europe and sent Nasdaq 100 futures tumbling roughly 1.25%. 2
Why Shopify matters now: it’s acting like a growth stock, and those can swing wildly when geopolitics or interest rates shake markets. With the U.S. session resuming Tuesday, traders will be eyeing whether Monday’s risk-off mood carries over to high-multiple software and internet shares.
Shopify is focusing heavily on its product story. Earlier this month, it launched the Universal Commerce Protocol, an open standard developed alongside Google to enable “agentic commerce” at scale — where AI assistants can browse, decide, and complete purchases for shoppers. “Agentic commerce has so much potential to redefine shopping and we want to make sure it can scale,” said Shopify VP Vanessa Lee. Google’s Ashish Gupta described it as a shared “framework” for this shift. 3
Earlier this month, Wolfe Research cut Shopify to “peer perform,” citing lofty expectations and the fact that the potential of agentic commerce was already baked into the stock price. They see little upside unless there are new, stronger earnings revisions. 4
There’s a clear downside risk. Should trade tensions escalate into concrete policy moves that hit consumer demand, merchants usually tighten their belts on spending and inventory. That shift tends to surface quickly in platform activity. Plus, Shopify’s AI commerce bet still needs to demonstrate it can drive steady volume—not just grab eyeballs.
Investors will be watching to see if Shopify’s U.S.-listed shares follow the rally seen in Toronto on Monday, while also gauging whether tech stocks stabilize when trading kicks off in New York on Tuesday.
The calendar itself is stirring the pot beyond the reopen. Trump announced the proposed tariffs would kick in on Feb. 1, rising to 25% by June 1 if no deal materializes, a schedule that could keep macro risks looming over growth stocks well into early February. 5
