Key Highlights

● Shopify fell on October 22 as growth technology stocks were sold broadly.

● Shopify sells software that lets merchants run online stores and process payments.

● The consumer discretionary sector also fell.

● HubSpot, monday.com and Workday rose.

Shares of Shopify (NASDAQ:SHOP) fell on Thursday, October 22, 2026, as investors dumped growth technology stocks of almost every stripe and the Nasdaq-100 suffered one of its worst sessions in months.

Shopify had no company-specific news. The stock slid alongside the wider tech complex and never found a reason to break away from the pack.

A tech-wide retreat

The selling began with Meta Platforms (NASDAQ:META). The Facebook and Instagram owner reported results after the bell on Wednesday that showed record revenue but heavy spending on artificial intelligence. Meta narrowed its 2026 capital spending range to $135 billion to $145 billion and posted negative free cash flow, which marked its first cash outflow in more than a decade.

Lam Research (NASDAQ:LRCX) added fuel. The chip-equipment maker's December-quarter revenue guidance had a midpoint slightly below what investors had hoped for, and its executives warned of supply-chain constraints. Remarks from Nvidia (NASDAQ:NVDA)'s chief executive about capital being scarce for some AI customers deepened the worry.

By the close, the Nasdaq Composite had dropped 694.00 points to 26,008.86, its steepest fall since June 5, ending a seven-session winning streak. The index lost about $1 trillion in market value. The Nasdaq-100 shed about $1.32 trillion, with 26 AI and chip names accounting for the bulk of the net loss.

Why Shopify got caught

Shopify is not a chipmaker, and it does not build data centers. It sells software that lets merchants run online stores and process payments. But it trades as a high-growth technology stock, and on Thursday that label appeared to be enough.

The consumer discretionary sector, where online retail sits, also fell, according to market data. That left Shopify squeezed from two sides: tech investors were cutting exposure, and the consumer group was out of favor as money flowed into defensive corners.

Not every software name suffered. HubSpot (NYSE:HUBS), monday.com (NASDAQ:MNDY) and Workday (NASDAQ:WDAY) rose, and cybersecurity stocks such as CrowdStrike (NASDAQ:CRWD), Palo Alto Networks (NASDAQ:PANW) and Zscaler (NASDAQ:ZS) gained. 49 of the Nasdaq-100's members finishing higher. Shopify simply was not among the names investors chose as a refuge.

A split market underneath

Beneath the headline losses, the session was far more balanced. About two of every three S&P 500 stocks rose, according to market reports, and the equal-weight version of the index finished higher. Consumer staples had their best day since April 2025 and hit a record, while health care also reached a record high.

Treasuries rallied hard, pulling the 10-year yield back below a closely watched threshold for the first time since September 22. Homebuilders and utilities climbed. The Dow Jones Industrial Average ended essentially flat, up 11.89 points at 52,867.98.

Brent crude settled at $113.17, its highest since May 4, after Houthi attacks in Saudi Arabia.

Shopify Watches Amazon's Retail Commentary

Friday brings S&P Global's flash PMI readings and the final University of Michigan sentiment survey, both useful reads on consumer health. The Federal Reserve's policy decision lands on Wednesday, October 28, the same day Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) report. Amazon (NASDAQ:AMZN) follows on October 29, and its retail commentary may be closely watched by Shopify investors. The bigger question is whether Thursday's tech selling proves a one-day shakeout or the start of a longer rotation.