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Read this now: Baghdad bombing | Speaker Ryan on insurance | Mick Mulvaney confirmed

CNBC Update: Car bomb kills 55, injures 60 in Baghdad neighborhood

Here are some of the key stories CNBC is following this hour:

Iraq's Interior Ministry said a car bomb in Baghdad has killed at least 55 people and wounded more than 60. The bomb targeted car dealerships in a mostly Shiite neighborhood, and ISIS has claimed responsibility.

House Speaker Paul Ryan has promised reporters on Capitol Hill that the Affordable Care Act, also known as Obamacare, will be repealed and replaced in March. He said that major insurance companies, like Humana, deciding to leave the healthcare marketplace not only reduces choices but creates instability.

The Senate has confirmed President Trump's pick to run the White House Budget Office. Representative Mick Mulvaney squeaked through the Senate by a 51-to-49 vote. GOP Senator John McCain has long opposed Mulvaney for his backing of cuts to Pentagon spending.