Toronto, Jan 19, 2026, 17:07 EST — Market closed.
Shopify’s shares fell 1.3% in Toronto on Monday, even as U.S. markets stayed shut for the Martin Luther King Jr. Day holiday. The stock last closed in the United States on Friday at $155.81, down 1.4%, while its Toronto listing ended Monday at C$214.15, down 1.3%. (Shopify Investors)
The holiday break left investors using foreign listings and futures for a read on risk appetite after President Donald Trump threatened tariffs on a group of European countries. The headlines pushed major U.S. tech shares lower in Europe and knocked Nasdaq 100 futures down about 1.25%. (Reuters)
Why it matters now for Shopify: it trades like a growth stock, and those names can swing hard when geopolitics or rates jolt markets. With the U.S. session back on Tuesday, traders will be watching whether Monday’s risk-off tone spills into high-multiple software and internet stocks.
Shopify has also been trying to keep the story anchored in product. Earlier this month, it unveiled the Universal Commerce Protocol, an open standard it said was co-developed with Google to let “agentic commerce” work at scale — AI assistants that can browse, decide and complete checkout for shoppers. “Agentic commerce has so much potential to redefine shopping and we want to make sure it can scale,” said Vanessa Lee, a Shopify vice president, while Google’s Ashish Gupta called it a shared “framework” for the shift. (Shopify)
Some analysts have been less patient with the valuation. Wolfe Research downgraded Shopify to “peer perform” earlier this month, arguing expectations were already high and that the promise of agentic commerce looked priced in, leaving limited room for upside without fresh upward earnings revisions. (Investing)
There’s also a straightforward downside case. If trade threats harden into policy and start to pinch consumer demand, merchants tend to pull back on spending and inventory, which can show up quickly in platform activity. And Shopify’s AI commerce push still has to prove it can translate into sustained volume rather than just attention.
For the next session, investors will look at whether Shopify’s U.S.-listed shares catch up to Monday’s Toronto move, and whether broader tech sentiment steadies when New York trading resumes on Tuesday.
Beyond the reopen, the calendar is already a catalyst. Trump said the proposed tariffs would start on Feb. 1 and escalate to 25% by June 1 without a deal, a timeline that could keep macro risk hanging over growth stocks into early February. (Reuters)
