Cloud stocks jump, led by OKTA
Traders work on the floor at the New York Stock Exchange, March 3, 2026.
Brendan McDermid | Reuters
Cloud stocks were a rare bright spot amid Thursday’s market drop.
The WisdomTree Cloud Computing Fund (WCLD) gained 4.5%, putting the exchange-traded fund on track for its best day since April 24, when it jumped 4.7%.
Leading the WCLD fund higher was an 8.8% pop in Okta and Wix.com, and a roughly 7% gain in shares of MongoDB and Intapp. Sailpoint, an identity security tech provider for cloud enterprises, rose 6.5%.
The rally in Okta comes after the identity security provider reported fourth-quarter results Wednesday evening that exceeded Wall Street’s estimates. To be sure, the company, which has benefitted agentic artificial intelligence tools and the rise of related security needs, gave weak guidance for its first quarter.
Thursday’s pop puts Okta on track for its best day since April 9, when it gained 11.3%. Okta remains beaten-down amid the software crush, however, as the stock is down 9.8% year to date.
Cloud stocks remain under pressure for 2026 despite the day’s gains. The fund is down about 16.2% year to date. Shares of cloud companies have dropped this year as concerns about artificial intelligence disruption to incumbent software stocks plagued the group.
— CNBC’s Gina Francolla contributed reporting.
