26Feb2019 Midday Update: Wall Street Stocks Flat On Fed’s Powell Testimony, Better-than-expected Consumer Confidence, DOW Below 20 Points, WTI Steady At 55.62

Here is the current market situation from CNN Money

North and South American markets are mixed. The Bovespa is higher by 0.45%, while the IPC is leading the S&P 500 lower. They are down 0.27% and 0.04% respectively.

Senators tell drug company executives pricing is ‘morally repugnant’

U.S. Senators called drug pricing practices “morally repugnant” and told drug company executives they do not want to hear them blame others for the high prices, taking an aggressive stance at the start of a Senate hearing on the rising costs of prescription medicines.

Senators say will support Judiciary panel if it looks into drug patents

Republican Senators John Cornyn and Chuck Grassley said on Tuesday that they would support the powerful Senate Judiciary committee if the panel were to examine the patent system under which drug companies protect the exclusivity of their medicines.

Exclusive: Brazil’s state bank Caixa close to selling $2.4-billion Petrobras stake – sources

Brazilian state-owned bank Caixa Economica Federal is close to selling a 9-billion-real ($2.4 billion) stake it owns in oil company Petroleo Brasileiro SA, two sources with knowledge of the matter said on Tuesday.

UAW sues GM over decision to end production at U.S. plants

The United Auto Workers union on Tuesday filed suit against General Motors Co over its decision to end production and eliminate thousands of jobs at three U.S. auto plants, saying it violated a 2015 collective bargaining agreement.

Mexico president seeks investigation of losses at Pemex plants

Mexico’s president said on Tuesday his government would push for an investigation into the hundreds of millions of dollars squandered by state oil company Pemex after its purchase of two struggling fertilizer plants during the previous administration.

FCA to invest $4.5 billion in Michigan to expand new Jeep SUV models

Fiat Chrysler Automobiles NV said on Tuesday it will invest $4.5 billion in five plants to build new models of Jeeps to compete more effectively in the lucrative market for full-size three-row SUVs currently dominated by rivals General Motors Co and Ford Motor Co.

Tech stocks help S&P inch higher, Home Depot weighs on Dow

The S&P 500 eked out gains on Tuesday, boosted by technology sector, but losses in consumer discretionary shares including Home Depot and Discovery kept the Dow Industrials and the Nasdaq in check.

Fed’s Powell sees solid but slower U.S. economic growth in 2019

The U.S. economy will grow at a solid though slower pace in 2019 and the Federal Reserve will remain “patient” in deciding whether to further raise interest rates, Fed Chairman Jerome Powell said on Tuesday.

Instant View: Powell – Fed remains patient deciding on further hikes

Rising risks and recent soft data shouldn’t prevent solid growth for the U.S. economy this year, but the Federal Reserve will remain “patient” in deciding on further interest rate hikes, Fed Chairman Jerome Powell said on Tuesday.

Pence Urges Global Freeze On Venezuelan Oil; Vows Return Of “Every Last Dollar” To Opposition

As expected the Lima Group summit hosted in Bogota, Colombia on Monday became a collective Venezuelan regime change strategy session following the weekend showdown over US humanitarian aid entering the country, which led to riots on bridges at border points Saturday.

Previously promising to announce at the meeting of the over 12 American states — most of which have recognized US-backed Juan Guaido as “legitimate” leader of Venezuela —”concrete steps” and “clear actions”, Vice President Mike Pence underscored that President Trump stands behind Guaido “100 percent” after a face-to-face session with the opposition leader, the first since unrest began. Predictably Pence unveiled new sanctions targeting Caracas while calling on allies to freeze all assets of its state-owned oil company PDVSA, and further called for the United Nations Security Council to act.

Despite May’s Concessions, Risk Of ‘No Deal’ Brexit Has Risen: Mizuho

Authored by Peter Chatwell, head of interest rates strategy at Mizuho International

The headlines tell us that the Labour party are backing a second referendum, and that the Conservative-led government is probably taking no-deal off the table. Digging into the details and analysing the probabilities tells us a more nuanced story.

Probabilities have changed in the near term ie between now and 29th March, because the government is likely to propose a vote on A50 extension if the next Withdrawal Agreement vote fails. This reduces “no-deal” risk between now and March 29th, but the risk of no-deal after that point has risen. An A50 extension, if the HoC does get to vote it through, merely postpones the risk of no-deal.

The chance of a second referendum still looks very slim, marginally higher than previously, because the backing from Labour has many conditions and comes from a party which has weakened both in the opinion polls and in the House of Commons. There is a sufficient number of Labour MPs, who represent Le …

“For Now, We’re Not Threatening Anyone”: Russian TV Lists Nuclear Targets In The US

With US-Russia relations deteriorating rapidly in the aftermath of the collapse of the INF nuclear arms treaty, which prompted Russia’s Vladimir Putin to slam the US for “demolishing” global security, Russian state television listed U.S. military facilities that Moscow would target in the event of a nuclear strike, in a report which Reuters said “was unusual even by its own bellicose standards” and said that a hypersonic missile Russia is developing would be able to hit them in less than five minutes. The targets included the Pentagon, Forth Ritchie and the presidential retreat in Camp David, Maryland. A hypersonic missile Russia is developing would be able to hit them in less than five minutes, it said.

The report was broadcast on Sunday evening, days after President Vladimir Putin said Moscow was militarily ready for a “Cuban Missile”-style crisis if the United States wanted one.

Cuomo And De Blasio Unveil Transit Fix; Mystery Toll Increases, Congestion Pricing And Marijuana Tax

New York Governor Andrew Cuomo and Mayor Bill de Blasio announced a framework to fix New York City’s “death spiraling” subway system that needs some $40 billion in improvements.

The new plan will feature a congestion pricing model to be set no later than December 2020, higher tolls with increases locked in at no more than 2% per year, and a promise that the city and state will work together to combat people who evade fares.

The city will also install electronic toll collection devices around the perimeter of the Central Business District (CBD), defined as the streets south of 61st St. in Manhattan.

Here is the framework to fix the MTA that @NYGovCuomo and @NYCMayor just announced:

#2 Congestion pricing
#3 No more than 2% fare increases
#4 Consolidating power for electeds
#8 All design-build for construction
#10 Cuomo and …

February 2019 Conference Board Consumer Confidence Improves

Written by Steven Hansen

The latest Conference Board Consumer Confidence Index’s headline number is 131.4 (1985=100), up from 121.7 in January.

NerdWallet: Why are employers so bad at phased retirement?

Employers seem to be even worse than workers at planning for retirement.

The Technical Indicator: Charting a V-shaped reversal, S&P 500 hesitates at major resistance

Technically speaking, the major U.S. benchmarks continue to grind higher amid persistently bullish 2019 price action, writes Michael Ashbaugh.

The Ratings Game: Wall Street keeps the faith on Tesla despite Musk, SEC tiff

Investors keep their views on Tesla Inc. a day after latest squabble between Chief Executive Elon Musk and regulators. “Healthy disregard for the rules is what makes Elon, Elon,” one of them says.