Today's Headlines

Bloomberg:

• U.S. Stocks Post Worst Week Since Election as Health Bill Fails. The Trump Trade just took a big hit. U.S. stocks fell the most since the week leading up to the U.S. election as President Donald Trump suffered a major setback when he was forced to pull his health-care bill from a vote amid dissent among congressional Republicans. Investors also turned to bonds as U.S. Treasuries rallied for the second week. Both conservatives and moderates opposed the bill even after Trump met personally with scores of lawmakers and traveled to Capitol Hill on Tuesday to address House Republicans. The setback also cast doubt on the president’s ability to shepherd other parts of his agenda, including promised tax cuts and regulatory reform, through Congress. The S&P 500 lost 1.4 percent to end at 2,343.98, its second weekly decline this month. While the benchmark for American equities hasn’t posted a daily 1-percent gain in more than three weeks, it’s down just 2.2 percent from its record high. The Dow Jones Industrial Average lost 1.5 percent to 20,596.72 as small-cap stocks in the Russell 200 Index erased 2.7 percent.

• Mexico Will Hedge Oil Export Prices for Next Year, Rubio Says. Mexico plans “without a doubt" to protect the country against low crude prices for next year, Deputy Finance Minister Vanessa Rubio said in an interview, in a continuation of what’s become the world’s largest commodities hedging program. The amount of Mexico’s export basket to be protected through market operations, versus through its stabilization fund, has yet to be determined, Rubio said in an interview on the sidelines of a banking conference in Acapulco. All options are open to reduce volatility of the peso, which is undervalued when economic fundamentals are taken into account, Rubio added. Mexico, the world’s 11th-largest oil producer, spent $1 billion last year to buy put options that lock in an average price for its exports this year, and set aside close to $1 billion more from its budget stabilization fund to effectively guarantee oil revenue of $42 a barrel. West Texas Intermediate crude for May delivery closed Friday at $47.97 a barrel.

• Uber to Suspend Autonomous Tests After Arizona Accident. Uber Technologies Inc. is suspending its self-driving car program after one of its autonomous vehicles was involved in a high-impact crash in Tempe, Arizona, the latest incident for a company reeling from multiple crises.

• America’s 100 Richest Places.

Wall Street Journal:

• With GOP Plan Dead, Trump Weighs Other Ways to Reshape Health Care. Republicans have ability to make changes to Affordable Care Act but do so at their own risk.

• Google’s(GOOGL) YouTube Has Continued Showing Brands’ Ads With Racist and Other Objectionable Videos. PepsiCo, Wal-Mart, Dish Network say they are suspending Google non-search ads.

Barron's:

• Had bullish commentary on (VIAB), (GM) and (YHOO).

• Had bearish commentary on (SPG).

Fox News:

• Divided GOP makes dismantling ObamaCare little more than campaign promise. (video)

CNBC:

• Fate of OPEC's output cut will depend on how market responds, Iraq's oil minister says.

• World looks to China for growth but it has its own problems at home.

• Robots, artificial intelligence boom may cost US, UK at least 1/3 of their jobs: Study.

• Oil could collapse into the $30s if OPEC doesn't keep its act together.

Zero Hedge:

• "They're Like The Praetorian Guard" - Whistleblower Confirms NSA Targeted Congress, The Supreme Court, & Trump.

• "Policy Error" Is Back: Deutsche Warns Two Things Can Derail The Market's "Most Crowded Trades".

• Goldman: "The Boost From Lower Taxes Will Now Be Smaller, Occur Later Than Expected".

• New Hedge Fund Fee Structures Reveal Traditional Model On Verge Of Collapse.

• Trump On What Happens Next: "Obamacare Will Explode". (video)

• In Blow To Trump, Obamacare Repeal Fails: Republicans Withdraw Healthcare Bill.

• OPEC Out Of Moves As Goldman Sachs Expects Another Oil Glut In 2018.

• Nunes Calls Comey, Rogers For "Closed Session" After Finding "Concerning Info" In Intel Reports.

• McCain: "The New World Order Is Under Enormous Strain".

• Self-Driving Uber With Passenger Involved In Arizona Collision.

• Over Half Of American Cities Are Now Dominated By Renters.

• Retail Flows Are Finished: RBC Warns "New Regime" For Stocks About 'Hard' Data & Earnings. (graph)

• Wall Street Explains What Today's Failure To Repeal Obamacare Means For Markets.

• Weekend Reading: Lack Of Perspective.

• VIX Spikes To 2017 Highs, Stocks Suffer Worst Week In 6 Months As GOP Pulls Vote. (graph)

Business Insider:

• This map explains the roots of France’s growing nationalism.

• 'You will never prevail' — BBC broadcaster delivers stirring message against terrorists.

The Telegraph:

• Cracks on show at EU 'unity' summit in Rome.