US PRE-MARKET MOVERS: Mag7, Memory names, JPM, GS, WFC, JNJ, UNH, DPZ, NVTS, S, FUN, BNTX, SNDX

A bank-heavy earnings slate with the usual pattern on display: headline beats and misses mattering less than guidance and the net interest income line, with JPM's intraday reversal on raised NII guidance a recurring feature of money-centre reporting, where the first move on the print frequently fades once the outlook is parsed. The spread between GS on a clean beat and WFC on light revenue and NII fits the established template of dispersion within the group rather than a sector-wide read, and UNH's move on a lower-than-expected medical care ratio follows the familiar managed-care dynamic where that single line tends to dominate the quarter. The continued memory selloff across WDC, STX, SNDK and MU is the kind of correlated unwind that typically follows an extended momentum run in a crowded AI-adjacent trade, and its persistence over multiple sessions is the tell that separates profit-taking from a thesis change. Single-stock event risk is well represented: convertible issuance of the size SentinelOne announced has historically drawn a mechanical discount reaction as arbs hedge, and the double-digit and high-single-digit drops in SNDX and BNTX are the standard binary profile for mid and late-stage trial misses. The index configuration, NQ lagging while RTY and YM hold up, is the rotation signature that has tended to accompany stretches where megacap tech de-rates without the broader tape following. Worth noting is whether the memory weakness bleeds into the wider semiconductor complex or stays contained to storage, since that distinction has governed whether prior episodes of this kind stayed idiosyncratic.