New York, Jan 18, 2026, 17:05 EST — Market closed
- Shopify shares ended Friday lower and will stay halted until trading picks back up on Tuesday.
- Investors are bracing for a busy earnings season, a period that frequently stirs up volatility in high-growth stocks.
Shopify (SHOP) shares fell 1.38% to $155.81 on Friday, per Nasdaq data. On the Toronto Stock Exchange, the stock dropped 1.21%, closing at C$217.03, according to the company’s investor relations page. The U.S. shares moved between $155.57 and $159.92 during the session, finishing about 14% below their 52-week high. 1
The slide came amid a volatile session that left U.S. stocks nearly flat ahead of a long weekend, with investors cautious as the fourth-quarter earnings season kicked off, Reuters reported. “The S&P 500 is still within spitting distance of 7,000 – most investors will take that as a win,” said Anthony Saglimbene, chief market strategist at Ameriprise Financial. Bruce Zaro, managing director at Granite Wealth Management, noted, “the middle part of January tends to be pretty choppy.” 2
Shopify finds itself at a pivotal point, caught between shifting consumer demand and merchant spending on digital tools. These elements can turn on a dime during earnings season, often sending the stock price along for the ride.
The U.S. markets are shut Monday in observance of Martin Luther King Jr. Day, leaving Tuesday as the next chance for action. Once trading kicks back in, Shopify stands out as a stock to watch, likely to see significant moves as investors adjust their bets.
Shopify flagged strong holiday season demand in November, forecasting fourth-quarter revenue growth between the mid and high twenties percentage-wise. President Harley Finkelstein told analysts that the company’s AI assistant, Sidekick, is “quickly becoming the default way merchants get things done.” 3
The main indicators haven’t changed. Investors zero in on gross merchandise volume, or GMV — the total value of goods sold through Shopify’s platform — treating it as a proxy for merchant activity. After that, they closely watch how the company spends to drive that growth.
Shopify’s push into payments and broader merchant services drives revenue growth during sales spikes but links the company more closely to the real economy. When merchants pull back on spending, the stock usually feels the impact quickly.
The risk is obvious: if expenses for product, marketing, and AI rise faster than revenue, margins will shrink and investors might lose patience. A softer post-holiday demand forecast would weigh heavily on a stock still hovering near the top of its recent range.
Tuesday’s open on Jan. 20 is the next pivotal point, with U.S. markets reopening after the long weekend. Shopify investors will be on alert for any hints about when the company plans to release its quarterly results—and, more importantly, if management anticipates merchant demand to hold firm through earnings season.
