On Thursday, nine of the 11 S&P 500 sectors were trading lower, with the index hovering below the breakeven line during afternoon trading. The energy sector led the gains, rising more than 1% and marking one of only two sectors to post a positive performance. The information technology sector was the other gainer, advancing by 0.3%.

In contrast, the real estate, materials, and industrial sectors suffered the steepest losses, each declining by approximately 1%. Within the energy sector, ExxonMobil and Chevron were the top contributors to the rally, with the former climbing nearly 2% and the latter rising more than 1%.

This market movement came alongside a rise in oil prices on Thursday. U.S. West Texas Intermediate crude futures gained nearly 3%, settling above $77 per barrel, while the international benchmark Brent crude surged almost 4%, closing above $82 per barrel. Earlier this week, President Donald Trump remarked that both Exxon and Chevron were "making too much money" due to elevated oil prices caused by the Middle East conflict.