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Stock Indexes Rumble Higher; Chips, Banks Stir | Stock News & Stock Market Analysis

U.S. stock indexes advanced in early trade Friday, as chips and financials outperformed.

The Nasdaq popped 0.5%, while the S&P 500 jumped 0.4% and the Dow Jones industrial average added 0.3%. The small cap Russell 2000 stumbled 0.2%.

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Volume was running higher on both major exchanges vs. Thursday’s pace. Friday is expected to be a busy day for volume because of options expirations.

Pockets of strength in early action included the Philadelphia Semiconductor Index, which rose 0.7%, and the KBW Bank (KBWB) exchange-traded fund, up 1%.

In the SOX, Maxim Integrated Products (MXIM) gapped up 4.5% in fast trade. Earnings in fiscal Q1 ended in September increased 25%, topping views. The big cap’s outlook also was strong. Maxim has an IBD Composite Rating of 88, putting it in the top 12% among all the stocks in IBD’s database.

Money-center banking stocks gaining 1% or more included JPMorgan Chase (JPM), Wells Fargo (WFC) and Bank of America (BAC). Superregional banks scoring solid gains included SVB Financial (SIVB), PNC Financial (PNC) and Comerica (CMA).

Other industry groups showing strength included apparel, department stores and homebuilders. Soap manufacturers and foreign banks were among the day’s top losers.

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