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Why Okta Stock Jumped This Week

·2 min read
Why Okta Stock Jumped This Week
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Shares of Okta (NASDAQ: OKTA) were rallying this week as investors responded positively to announcements at its annual Showcase event and as the cloud identity software company seemed to get a tailwind from falling interest rates. Okta put up solid gains on Tuesday, Wednesday, and Thursday as the 10-year Treasury yield fell from 1.61% to 1.52%, which favors growth stocks as it makes discount rates more attractive for stocks with long-dated earnings, or profits in the distant future. Showcase was Okta's first such event since it acquired Auth0, a customer identity access management (CIAM) company in May, and it gave management an opportunity to show off the new integrated Okta.