Wall Street experienced another decline on Thursday, with major large-cap indices affected by a downturn in the tech and communication services sectors.
Investors shifted their focus to market areas that have underperformed compared to tech over the past year, such as small caps, real estate and solar stocks.
Okta reported first-quarter revenue of $617 million, which was up 19% year-over-year and came in ahead of analyst estimates of $604.339 million. The cloud-native cybersecurity company reported adjusted earnings of 65 cents per share, beating analyst estimates of 55 cents per share, per Benzinga Pro.
U.S. stocks are likely to remain weak on Thursday, major index futures indicated, as lower bond yields stayed elevated and mixed earnings dampened sentiment.