Wall Street advanced Thursday as investors mulled a mixed batch of corporate earnings and shifting geopolitical concerns.

All three major U.S. stock indexes closed higher, with tech strength nudging the Nasdaq into the lead. But the small-cap Russell 2000 was the clear outperformer.

The indexes gained some momentum after the White House confirmed U.S. President Donald Trump will meet Chinese President Xi Jinping next week as part of his trip through Asia.

Trade tensions between Washington and Beijing have been escalating in recent days, marked by tit-for-tat retaliatory measures announced by both sides. Confirmation that the two leaders would meet next week appeared to ease those tensions.

Trump announced sanctions against Russian oil companies, marking a sharp policy shift in ramping up the pressure on Moscow over its war against Ukraine, ratcheting up geopolitical strife and sending world oil prices jumping.

"The Trump-Xi confirmation is clearly positive," said Zachary Hill, head of portfolio management at Horizon Investments in Charlotte, North Carolina. "That's a good checkpoint for sentiment, which has been really up-and-down on trade and that's obviously playing a role today."

"Additionally, earnings have been really strong in general," Hill added. "And that's supporting the market from a fundamental perspective."

According to preliminary data, the S&P 500 gained 38.77 points, or 0.58%, to end at 6,738.17 points, while the Nasdaq Composite gained 197.95 points, or 0.87%, to 22,938.34. The Dow Jones Industrial Average rose 143.50 points, or 0.31%, to 46,733.91.

Third-quarter reporting season has hit full stride.

Tesla shares closed higher, reclaiming earlier losses following its third-quarter profit miss. The electric-vehicle maker was the first of the "Magnificent Seven" group of megacap momentum stocks that account for more than a third of the S&P 500's market cap.

IBM dropped after reporting a slowdown in its key cloud software segment, eclipsing its earnings beat.

So far, just over a quarter of the companies in the S&P 500 have reported third-quarter results. Of those, 86% have beaten consensus expectations, according to LSEG data.

In aggregate, analysts currently expect S&P 500 third-quarter earnings growth of 9.9% year-on-year, up from their 8.8% growth estimate as of October 1, per LSEG.

In other earnings, health insurer Molina Healthcare plunged after slashing its annual profit forecast.

Honeywell raised its annual profit forecast on strong aerospace demand, sending its stock higher.

American Airlines shares advanced after the carrier raised its annual profit forecast, while Southwest Airlines slipped despite posting a surprise quarterly profit and record current-quarter sales.

T-Mobile dipped even after the telecom's wireless subscriber adds surpassed analyst expectations.

Dow stock surged after the chemical company reported a smaller-than-expected quarterly loss as cost cuts and higher volumes helped offset price weakness.

Quantum computing firms jumped after The Wall Street Journal reported that the Trump administration was in talks with several of them to take equity stakes in exchange for federal funding.

Energy companies, buoyed by spiking crude prices in the wake of Trump's sanctions on Russian oil, enjoyed the biggest percentage gain among the 11 main sectors of the S&P 500. Oil majors Exxon Mobil and Chevron ended the session higher.

Valero Energy rose after the independent oil refiner reported better-than-expected third-quarter profits. Rising geopolitical turmoil has benefited aerospace and defense stocks over the past year. The S&P 500 Aerospace and Defense index outperformed on the day.