Stocks ticked higher Friday at the start of a shortened trading day that will cap a strong month for equities.

The Dow Jones Industrial Average climbed 160 points, or 0.4%, on track for another record close. The S&P 500 and Nasdaq Composite added 0.4% and 0.6%, respectively.

Some of the upward momentum came from chip stocks, which popped after Bloomberg reported that the Biden administration was considering additional barriers on the sale of semiconductor equipment to China that weren't as strong as previously expected. Applied Materials and Lam Research rallied more than 3% and 5%, respectively, while Nvidia jumped more than 2%. The iShares Semiconductor ETF (SOXX) added more than 2%.

Those moves come as traders look to the end of a winning week and month. November trading largely centered on the postelection rally seen on the back of President-elect Donald Trump's victory.

The Dow has added more than 1% week to date, bringing its gain for November near 7.5%. The S&P 500 and Nasdaq Composite have each advanced 0.9% on the week, and are now tracking to end 2024's penultimate month higher by more than 5% and 6%, respectively. With those gains, the Dow and S&P 500 are both on pace to notch their best months of 2024.

The small-cap-focused Russell 2000 outperformed in November as investors saw the group benefiting from Trump's potential tax cuts. The Russell 2000 has surged about 11% this month, helped by a gain of more than 1% this week.

"The prevailing takeaway from November, to me, is that what was true before the election has remained true after the election," said Ross Mayfield, investment strategist at Baird Private Wealth Management. "As we head into December, it's really hard to fade this bull market here, with all the things going right, the election in the rearview and a seasonal tailwind that still has some room to run."

Stocks have also been lifted late this year by expectations that interest rates remain on a downward course, which raises the present value of future earnings and should boost the economy. Fed funds futures are now pricing in around a 66% likelihood that the central bank will lower rates by 25 basis points at its policy meeting next month, according to CMEGroup's FedWatch tool.

The stock market was dark Thursday and closes at 1 p.m. ET on Friday in observance of the Thanksgiving holiday. There are no economic data releases or corporate earnings reports of note on the docket for Friday. Trading is expected to be light.

Major averages pop in November

The major averages are on pace to end November in the green.

The S&P 500 rose 5.6% month to date. The tech-heavy Nasdaq Composite and Dow Jones Industrial Average gained 6% and 7.5%, respectively.

Meanwhile, the small-cap Russell 2000 jumped 11.1%. The small-cap sector has rallied following the victory of President-elect Donald Trump on expectations of tax cuts and deregulation, which investors believe will boost the sector.

— Hakyung Kim

Gold miners ETF heads for worst month since January

The VanEck Gold Miners ETF (GDX) headed for its worst month since January, as stocks connected to the metal bucked the broader market's postelection rally.

The fund has dropped about 6.5% in November, on track for notch its worst monthly performance since it slid close to 10% January. By comparison, the broad S&P 500 has popped more than 5% month to date.

Despite November's pullback, the ETF is still tracking to end the month higher by more than 20%.

— Alex Harring

Tesla shares up 33% this month in postelection rally

Tesla, seen as a big beneficiary under the incoming Trump administration, is on track to post a banner month.

Shares of the electric vehicle company have rallied more than 33% in November to return to a $1 trillion market cap, headed for their best month since January 2023.

Tesla CEO Elon Musk has this year been a prominent backer and donor to the president-elect. Trump recently assigned Musk a starring role, leading a so-called Department of Government Efficiency along with Vivek Ramaswamy, a former Republican presidential candidate.

— Yun Li

Stocks open higher

The three major indexes opened Friday's shortened trading session in the green.

The Dow rose about 0.3% shortly after 9:30 a.m. ET. The S&P 500 and Nasdaq Composite each ticked up around 0.2%.

The stock market closes at 1 p.m. ET on Friday after being dark on Thursday for the Thanksgiving holiday. Trading is expected to be light.

— Alex Harring

MicroStrategy, Applied Materials among the stocks making moves before the bell

Some stocks are making moves in the premarket:

• MicroStrategy — Shares of the bitcoin development company jumped more than 5%, extending the roughly 10% gain seen in the previous session, after the price of the cryptocurrency continued to climb. The stock has seen massive gains this year, surging more than 515%.
• Chip equipment stocks — Shares of chip equipment stocks moved higher on a report that the Biden administration is considering more restrictions on sales of semiconductor equipment and AI memory chips to China that may be less strict than expected. Shares of U.S.-based companies Applied Materials, Lam Research and KLA Corp. rose between 1.3% and 2.2%, while Dutch equipment maker ASML gained 1.5% following the Bloomberg report, which cited unnamed people familiar with the matter.
• Retail stocks — Key retailers were marginally higher as Black Friday shopping got underway. Walmart, the country's largest retailer, rose more than 0.2%, while shares of Target and Costco advanced 0.6% and 0.3%, respectively.

Read here for the full list.

— Sean Conlon

Gold, silver poised for worst months of 2024

Gold and silver prices are on track to see their biggest monthly declines this year.

Gold has slid more than 2% in November. If that holds, it would mark gold's worst month since September 2023, when the metal fell more than 5%.

Silver has dropped more than 4% this month. It would be silver's largest monthly loss since December 2023, when it tumbled more than 6%.

— Alex Harring, Gina Francolla

U.S. semiconductor equipment makers gain as Biden administration considers new China chip measures

The U.S. is mulling new restrictions on the sale of AI memory chips to China, according to a Bloomberg report that cited sources familiar with the matter. However, Bloomberg reported that the barriers under consideration wouldn't be as strict as some previously expected proposals.

According to the report, the restrictions could come as soon as next week and impact Micron Technology, along with some Taiwan-based companies and supplier to Hauwei Technologies.

Micron shares were flat, while AI chipmaker Nvidia added 1.5% before the bell. Dutch semiconductor equipment maker ASML Holding added more than 1%, while U.S.-based Lam Research, KLA Corp and Applied Materials gained at least 2% each.

— Samantha Subin