Okta Inc is trading 4.7% down at $107.74 as investors rotate out of higher-valuation software names amid broader tech pressure following the Federal Reserve's latest rate signals.
- The stock is extending a multi-day slide from its June 9 level of $119.96, despite a lack of fresh company-specific news.
- The move appears tied to the Fed's June 17 decision to hold rates while signaling a potential hike, which has weighed on growth-oriented software stocks.
- The downward trend continues even after the company's June 17 partnership announcement with Google Cloud.