US PRE-MARKET MOVERS: Mag7, ADI, TOL, LOW, EL, MRK/MRNA, NBIS, Samsung Electronics, SK Hynix

A quiet index tape with idiosyncratic single-stock action is the classic late-earnings-season pre-market pattern: index futures barely move while dispersion underneath does the work, and the moves that hold into the cash open tend to be the ones backed by guidance changes rather than headline beats alone. The cleanest reads here are the guidance-anchored ones, ADI and EL lifting outlooks and LOW cutting its top-line view; beats without a raise have a well-worn habit of fading by the open. The MRK/MRNA melanoma readout is the type of binary oncology event where the partner economics and royalty split determine how much of the move sticks for each name, and where the larger of the two movers historically retraces part of the spike once position sizing normalises. NBIS issuing a large convert into an AI-infrastructure rally follows the familiar sequence for high-multiple growers funding capex: an initial equity discount, then a technical overhang from convertible arbitrage hedging that typically takes sessions to digest. The Samsung foundry pricing report and the SK Hynix buyback sit in the memory and foundry pricing cycle thread, where contract price increases of this kind have tended to precede commentary on wafer agreement renewals; the follow-ons are the regular session's volume confirmation, any peer read-across in foundry and memory names, and whether the index laggards in the Mag-7 basket drag or lift with the cash open.