Globant S.A. (GLOB)

Shares of Globant S.A. (GLOB) dropped by 3.18% from $184.18 to $178.32 in the trading on Thursday, November 09, 2023. The reason why GLOB is down today is due to several factors:

• Broader Market Decline: The broader stock market ended its eight-day winning streak, with the S&P 500 closing lower. Weak demand at a Treasury auction pushed longer-term yields higher, putting pressure on stocks. Additionally, comments from Fed Chair Jerome Powell about the uncertainty of progress against inflation contributed to the market's decline.
• Company-Specific Partnership: Globant announced a strategic partnership with Major League Rugby (MLR) as its Official Digital Transformation and Tech Solutions Partner. This partnership aimed to blend sports and technology by using MLR data to drive innovation and enhance rugby while creating sponsorship opportunities. Globant would develop a new version of MLR's streaming platform, the Rugby Network, to broadcast games and collect fan data securely.

Shares of Globant S.A. (GLOB) dropped by 4.74% from $198.99 to $189.56 in the trading on Wednesday, October 18, 2023. The reason why GLOB is down today is due to broader market movement.

• Rising Long-Term Bond Yields: Long-term bond yields reached a 16-year high, with the 10-year U.S. Treasury yield closing just above 4.9%, its highest level since July 2007. This increase in bond yields made riskier assets like stocks appear less attractive to investors and also raised borrowing costs for both companies and households.
• Gaza Conflict: The ongoing conflict in Gaza, marked by a deadly explosion at a hospital, raised concerns about a broader regional conflict. The situation led to Arab leaders canceling a summit with President Biden, reducing the prospects of an immediate diplomatic resolution.
• Corporate Earnings Results: Morgan Stanley's stock declined following a drop in its quarterly net income. On the other hand, Procter & Gamble's shares gained ground as the company reported an increase in quarterly profit, driven by price hikes. These various factors in the broader market and geopolitical landscape contributed to the decline in Globant's stock price on that day.

Shares of Globant S.A. (GLOB) dropped by 6.59% from $181.55 to $169.58 in the trading on Thursday, October 18, 2023. The reason why GLOB is down today is due to broader market movement.

• Interest Rate Hike: The Federal Reserve had recently raised interest rates, and investors believed this might be the last hike in the current campaign to combat inflation. This news had an impact on market sentiment and contributed to the overall market decline.
• Economic Growth Data: Data released on that day indicated that the U.S. economy had grown at a 2.4% annual rate in the last quarter. This boosted hopes among investors that central bank policymakers could prevent a sharp economic slowdown, but it also influenced market dynamics.
• Corporate Earnings Season: Meta Platforms (formerly Facebook) reported its highest quarterly sales growth since 2021, which had a positive impact on its stock. However, Southwest Airlines faced challenges as it stated that business travel revenues had not yet returned to pre-pandemic levels. The mixed results from various companies during the earnings season had an impact on investor sentiment.