Big box category killer Home Depot announced it would spend $18.3 billion to acquire SRS Distribution. SRS is a building material distributor that sells primarily to professional roofers, pool contractors, and landscapers. This purchase puts Home Depot squarely in the professional market with SRS having 760 warehouses and over 4,000 delivery trucks. Home Depot stated the firm would operate independently.
1 in Every 13 Bridges in America is in ‘Poor’ Condition. Thousands Could Collapse from a Collision (Macro News for March 30, 2024 – April 5, 2024)
Recent data shows that 46,000 of the 617,000 bridges in the U.S. are in poor condition with 17,000 of those "at risk of collapse from a single hit." The situation came to the forefront after the Baltimore bridge collapsed in less than one minute after being hit by a 100,000 ton cargo ship on March 29, 2024. However, bridges are also susceptible to damage from hurricanes, earthquakes, and even extreme heat.
Moderna Moves Three Vaccines into Final Stage Trials as it Works to Rebound from Covid Slump (Micro News for March 23, 2024 – March 29, 2024)
Pharmaceutical firm Moderna, best known for its Covid-19 vaccine, announced it was entering the final stages of bringing three new vaccines to market. Moderna desperately needs new products since the Covid-19 shot demand has fallen and the firm has no other products on the market. The firm's stock price fell by 45% during 2023 as a result.
European Central Bank’s Lagarde Signals June Rate Cut But Says Future Rate Path Uncertain (Macro News for March 23, 2024 – March 29, 2024)
Christine Lagarde, head of the European Central Bank (ECB), stated that ECB policymakers are considering lowering interest rates in the June 2024 meeting. Lagarde also stated that forecasting bank actions beyond that date was impossible until they received additional data on inflation and union wage negotiations.
Pearson Economic News 