2 Under-The-Radar Tech Stocks to Buy as Fed Sticks to Dovish Rate Cut Outlook

investing.com:

Stocks on Wall Street rallied sharply this week, with the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all notching new record highs.

Investors piled into the three major indexes after the Federal Reserve eased investor jitters by keeping interest rates unchanged and indicating they still expect three rate cuts before the end of 2024.

Technology stocks responsible for powering the recent market rally extended their march higher as investors bet the sector stands to gain the most from lower rates.

Against this backdrop, beating on the right companies may mark the main be the difference between scoring great profits or underperforming.

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Now, using the power of InvestingPro, let's dive into two great buys at the moment, namely Okta (NASDAQ:OKTA) and Global Payments (NYSE:GPN) — both of which stand out as promising candidates for long-term success and value creation.

1. Okta

Widely considered as one of the leaders in the fast-growing identity and access management space, Okta is a solid pick going forward as it looks to be one of the main beneficiaries of the continuing growth in cybersecurity spending in today’s digital landscape.

Shares have been on a major uptrend since the start of the year, gaining about 16% so far in 2024, as the security software maker benefits from strong demand from large enterprises for its cloud-based identity and access management tools.

Nonetheless, OKTA remains a far cry