Shopify Plunges 7.84% as $1.9 Billion Volume Propels It to 54th in U.S. Liquidity Rankings

On October 10, 2025, Shopify (SHOP) closed with a 7.84% decline, marking one of the steepest single-day drops in its recent trading history. Despite the downturn, the stock’s trading volume surged to $1.9 billion, a 64.74% increase from the prior day, ranking it 54th among U.S. equities by liquidity. The sharp divergence between volume and price action highlighted heightened investor activity amid shifting market sentiment toward the e-commerce platform.

Analysts noted that the selloff coincided with broader sector rotation out of growth stocks, as investors sought defensive positions ahead of anticipated central bank policy updates. Shopify’s exposure to small-business merchants and its reliance on discretionary spending left it vulnerable to macroeconomic uncertainties. Meanwhile, the company’s recent earnings report—though not mentioned in this summary—remained a focal point for traders reassessing valuation metrics in light of evolving revenue expectations.

Technical indicators suggested short-term volatility could persist, with the stock breaching key support levels that had previously stabilized its price trajectory. Institutional outflows dominated the session, contrasting with retail investor activity that typically drives Shopify’s market dynamics. The lack of catalysts from product launches or partnership announcements further contributed to the lackluster performance, leaving the stock at a crossroads between bearish momentum and potential recovery scenarios.

To run this back-test cleanly I need to clarify a couple of practical details that will affect the result: 1. Market universe • Should I screen U.S.-listed common stocks only (NYSE + NASDAQ)? • Or do you want a different universe (e.g., all global equities, specific exchanges, etc.)? 2. Weighting & execution convention • Equal-weight the 500 names each day, or weight by traded value? • Buy at today’s close and sell at tomorrow’s close (T+1 hold), or some other entry/exit prices? 3. Benchmark (if any) for relative performance comparison – e.g., SPY. If the above defaults (U.S. common stocks, equal-weight, buy at today’s close / sell at next day’s close) are acceptable, let me know and I’ll proceed with the back-test.