Like a case of snowfall in spring, the major stock market indices were having a schizophrenic time this morning.

Once they settled down and picked a direction -- up -- it seemed the latest reading of

consumer confidence was boding well for some big tech sectors. The report, which showed an improvement in consumers' views about the economy this month, was

strong enough to ward off lousy news coming from some big-name tech companies.

The popular

Philadelphia Stock Exchange Semiconductor Index

was rising 3%, despite the latest earnings warnings from

Vitesse Semiconductor

(VTSS)

. It warned last night of a second-quarter revenue and earnings shortfall. Fellow communication chipmaker

TranSwitch

(TXCC)

also issued a warning -- its second this month. These companies were falling on their news, but bulls were by and large adding semiconductor companies to their buying list.

Shares of

Applied Materials

(AMAT) - Get Report

, for example, were lately up 3.3% to $51, and

Micron Technology

(MU) - Get Report

was rising 2.2% to $47.82.

TheStreet.com's

Eric Gillin took a look at how analysts today are

slashing estimates for chipmakers. But the sector might have hit some kind of bottom recently, where it is able to shake off bits of bad news.

Wireless stocks were also mostly moving higher, despite news that reminded investors -- as if they needed any reminder -- that the sector is sick. The

Philadelphia Stock Exchange Wireless Telecom Sector

was climbing 3.8%. Even

Ericsson

(ERICY)

was higher on

news it is cutting jobs. Rival

Nokia

(NOK) - Get Report

, however, was edging lower on news that it also is

eliminating jobs.

While tech was getting some lift, financials still were under selling pressure. The

American Stock Exchange Securities Broker/Dealer Index

was lately off 0.5%, while the

Nasdaq Financial 100

was fallen 0.4%. "There is a little downward pressure and a little profit-taking across the board," Patrick Boyle, head financial trader at

Credit Suisse First Boston

said, adding that nothing else significant is moving these stocks.