Pre-Market Report – Monday 24 March: US markets rally into close | JHX in huge merger

Another quiet night on Wall Street which saw growth outperform value after some Trump comments sparked a small, late rally. Dow Jones and the S&P near flat, closing near the high. Nasdaq up 0.5%. All three indices notched small weekly gains. Dow Jones the best up 497 points. Trump said he is going ahead with the April 2 tariff date but there may be some flexibility on the terms. His ‘top trade chief’ Mr. Greer plans to meet with Chinese counterparts next week. The market reacted positively. Nothing significant on the economic front. Bond yields were close to unchanged. US 2Y and 10Y down 7bp for the week. A bit of Fed speak echoed comments from Powell. Policy remains restrictive which is the correct stance given current economic uncertainty. Bitcoin down 0.6% after another volatile week. European stocks lower.

SPI down 41 - JHX in mega-merger with AZEK. Budget looms.

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