Stock Market Update

[BRIEFING.COM] The major averages are holding onto their gains with the S&P 500 (+0.4%) trading a bit behind the Nasdaq (+0.5%).

The top-weighted technology sector (+0.5%) is keeping pace with the broader market, though the sector's overall standing is masking relative strength in chip names, as the PHLX Semiconductor Index (+0.9%) extends this week's gain to 3.1% with leadership from Marvell (MRVL 75.10, +5.11, +7.3%) after the company made optimistic comments about the growth rate of its data center segment through 2028.

The outperformance in chip stocks is being somewhat offset by relative weakness in software stocks, which is keeping the iShares Expanded Tech-Software Sector ETF (IGV 106.65, 0.00, unch) on its flat line.

On a side note, solar names are among the outperformers with Enphase Energy (ENPH 36.59, +1.67, +4.9%) bouncing from its lowest close since April 2020.