Morning Market Update: March 23, 2010

U.S. stock futures are trading mixed Tuesday ahead of a report on sales of previously owned homes. The National Association of Realtors is expected to say that sales of existing homes fell 1% in February to a seasonally adjusted annual rate of 5 million units. Treasury Secretary Timothy Geithner is scheduled to testify before Congress about government efforts to overhaul mortgage financiers Fannie Mae and Freddie Mac. San Francisco Fed President Janet Yellen is also giving a speech today. In corporate news, KB Home (NYSE:KBH) reported a $54.7 million quarterly loss as it said its backlog rose for the first time in four years. Time Warner (NYSE:TWX) is reportedly leading the bidding for MGM with an offer of $1.5 billion. Google (NASDAQ:GOOG) won the rights to sell keyword advertising on other company's trademarks after the top European Union ruled it was allowed. The Dow Jones Industrial Average (DJI) futures are trading 3.00 points above fair value, the S&P500 (INX) futures are trading 0.10 points below fair value, and the Nasdaq Composite (IXIC) futures are trading 0.75 points above fair value.