Bloomberg EV Price Return Index Falls 1.13% to 3,246.97

The intraday pattern is the real signal here: an early Asia-Pacific push to a session high that failed to hold, with selling accelerating once US participants arrived. That sequence suggests the weakness was driven by the US session rather than broad global sentiment, a meaningful distinction for a sector index tracked across time zones. Whether the US open keeps acting as the pivot point for direction is the open question.