US PRE-MARKET MOVERS: TXN, ONON/NKE, NUE, STLD, NFLX, XENE

A mixed pre-market sheet where the common thread is guidance rather than prints: both Nucor and Steel Dynamics are marked down on underwhelming outlooks, and paired weakness across the steel peer set is the established pattern when one producer signals softer pricing or shipments, since the group trades as a read-through on the same hot-rolled spread. The Texas Instruments dividend raise is the counterpoint; semis of its profile have historically used steady dividend growth as a signal of cash-flow confidence, and modest single-digit raises tend to draw only marginal moves unless read against buyback pacing. The ONON and NKE split is a sponsorship transfer rather than an earnings event; endorsement shifts of this kind have tended to move the smaller challenger more than the incumbent, with the durable question being sell-through rather than the signing itself. The Netflix downgrade is a single-bank call, which on prior form fades unless it marks the start of a cluster of revisions. The biotech halt is the outlier in magnitude, consistent with the binary treatment clinical pauses receive. The next tells are whether steel weakness broadens to the wider metals complex and whether the NFLX downgrade finds company.