The S&P 500 (SPX) closed Tuesday's session just a half-percent off its all-time high, though as Tom White discusses, there's a lot of choppy price action under the index's surface. Crude oil volatility is also keeping investors locked on the energy trade, with commentary from the International Energy Agency saying diesel constraints will continue into 2027. On the earnings front, Tom talks about Bank of America (BAC) narrowing its quarterly profit and the earnings beat from ASML giving a green light for the AI trade.