Stocks fell sharply Thursday after Federal Reserve Chairman Jerome Powell said a recent surge in Treasury yields caught his attention but that the central bank would be patient before changing policy even if inflation were to tick higher.
TheStreet's Katherine Ross and Jim Cramer discussed breaking news in the stock market. Cramer spoke about Okta's latest acquisition, the tech selloff and markets on Thursday.
Okta: Buy Or Sell?
Shares of Okta (OKTA) fell on Thursday after the identity-verification specialist said it was acquiring Auth0, a smaller rival in the industry, for $6.5 billion of stock. Some analysts also lowered their price targets for Okta shares.
Cramer said Okta moving into the consumer space is very positive for the consumer because Okta is the best there is.
Cramer said when Cathie Wood is down 20%, keeping her as the barometer, investors should be able to find something to buy. "We're not oversold enough for me to say, you must buy. I am saying you should be looking to buy."
Cramer said investors should back up the cash in this tech selloff. "Google, Facebook (FB) and Apple are great growth companies and the froth has just been crushed. Google cloud services have really come on because of Thomas Kurian. Google is the ultimate travel stock because when airlines want customers they give money to Google. Their search function is doing well."
"Okta, which made a terrific acquisition and Snowflake (SNOW) that's just reported a great quarter, are at the heart of what is happening today."
Markets on Thursday
Cramer said investors are taking all the froth out of the market. "That's very good. When you have interest rates not misbehaving, as they are not today, and you have the stocks down, that tends to be an opportunity to pick. This is what the give-up looks like. And that is the opportunity."