What happened Cloud software stocks, including Okta (NASDAQ: OKTA), Zoom Video Communications (NASDAQ: ZM), and Appian (NASDAQ: APPN), were falling today after August's inflation reading came in hotter than expected. Growth stocks like these three tend to be more volatile than the broad market, and investors have turned away from unprofitable stocks like Appian and Okta due to fears of a recession and as rising interest rates have made long-dated earnings less valuable. ET, Okta was down 4.6%, Zoom was off 5.4%, and Appian had lost 5.5%.