US Stock Market Today: Wall Street rises, lifted by oil firms; IBM sheds 1.06%, Tesla dips 2%

US stock indices rose on Thursday, buoyed by oil companies after President Donald Trump imposed a "massive" new round of sanctions on Russia's crude giants.

Markets had opened subdued following a mixed bag of corporate earnings earlier in the session, as investors closely monitored US-China trade dynamics and keenly anticipated the release of key inflation data.

Despite the ongoing government shutdown, US officials are set to release the Consumer Price Index (CPI) reading for September on Friday.

The CPI inflation is a critical data point ahead of the Federal Reserve’s upcoming meeting later this month.

As of 1:09 PM EDT, the Dow Jones Industrial Average rose 67.87 points, or 0.15%, to 46,658.28. The S&P 500 gained 29.51 points, or 0.44%, to 6,728.91, while the Nasdaq Composite surged 174.22 points, or 0.77%, to 22,914.62.

As of 10 AM Eastern Time, the S&P 500 added 0.4%, the Dow Jones Industrial Average rose 0.2%, and the Nasdaq Composite was up 0.5%.

At 09:30 AM (ET), the Dow Jones Industrial Average fell 14.50 points, or 0.04%, to 46,570.06. The S&P 500 managed to gain 6.03 points, or 0.09%, reaching 6,705.15, while the Nasdaq Composite was also up, gaining 6.99 points, or 0.07%, to 22,755.88.

In the bond market, the yield on the 10-year Treasury gained to 3.98% from 3.97% late on Wednesday.

Gainers and Losers

Among US oil companies, Exxon Mobil gained 1.1%, ConocoPhillips rose 3.8%, and Diamondback Energy advanced 4.1%.

Shares of IBM and Tesla edged lower 1.06% and 2%, respectively, following the release of their earnings reports.

Honeywell International and American Airlines rallied after their respective results were released.

Molina Healthcare stock tumbled 19.9% after quarterly profit fell short of analysts’ expectations.

Bullion Market

Gold prices rose by over 1% on Thursday, recovering ground after two consecutive sessions of losses, as fresh geopolitical risks bolstered the demand for the precious metal as a safe haven.

Spot gold was up 1.2%, trading at $4,143.80 per ounce as of 13:21 GMT. US gold futures for December delivery climbed a notable 2.3% to settle at $4,160.50 per ounce.

In the wider metals complex, spot silver gained 1.6% to hit $49.29 per ounce, and platinum added 1.2% to reach $1,640.61. Conversely, palladium saw a slight dip of 0.1% to trade at $1,457.08.

Crude Oil Climbs 5%

Oil prices climbed by almost 5% on Thursday after the US government imposed sanctions on major Russian producers Rosneft and Lukoil over Russia's ongoing conflict in Ukraine.

Brent crude futures were up $2.99, a rise of 4.8%, trading at $65.58 a barrel at 13:30 GMT. Meanwhile, US West Texas Intermediate (WTI) crude futures increased by $2.93, or 5%, reaching $61.43.

The US stated it was prepared to take further action as it called upon Moscow to immediately agree to a ceasefire in Ukraine.

The latest US sanctions mean that refiners in China and India, who are principal purchasers of Russian oil, will now be forced to seek alternative suppliers to avoid being excluded from the Western banking system.