US Stock Market Today: NASDAQ Gains 0.7% & S&P 500 Rises 0.4%, as Oil Prices Surge and Rate-Cut Hopes Build Ahead of CPI Report

US stocks advanced on Thursday, supported by gains in energy and technology, as investors looked ahead to key inflation data. The S&P 500 rose 0.4% at midday in New York, the NASDAQ 100 gained 0.7%, and the Dow Jones Industrial Average edged up 0.2%. The Stoxx Europe 600 climbed 0.4%, while the MSCI World Index added 0.3%.

Oil prices surged after President Donald Trump announced new sanctions on Russia’s two largest oil companies, Lukoil and Rosneft, in a bid to pressure Moscow over the war in Ukraine. West Texas Intermediate crude rose 5.8% to $61.92 a barrel, while Brent crude futures climbed more than 5%. European natural gas prices also rose, and energy stocks, such as ExxonMobil, BP, and Shell, advanced.

The sanctions, combined with the EU’s new ban on Russian liquefied natural gas imports starting next year, have driven concerns about global supply. The jump in energy prices reignited inflation worries, lifting Treasury yields. The 10-year US Treasury yield increased by five basis points to 4%, while the 30-year yield climbed to 4.58%.

Gold rose 1.1% to $4,143.66 an ounce after a two-day slide, and Bitcoin gained 2.2% to $110,028. The dollar traded mixed against major currencies as the yen weakened to 152.72 per dollar.