Updated at 12:14 p.m. ET

Stocks remained lower Wednesday as global slowdown concerns once again took center stage after Japan reported weak economic data. As investors awaited the minutes from the Federal Reserve's most recent policy meeting, housing data continued to show improvement. Shares of Dell (DELL) were sliding after the company on Tuesday warned of a challenging second half.

The Dow Jones Industrial Average ($INDU) was down 59 points at 13,144. The S&P 500 ($INX) was down 4 points at 1,409. The Nasdaq Composite ($COMPX) was down 3 points at 3,064.

Asian markets ended lower after Japanese data showed the country's trade deficit widened more than expected in July as exports plunged.

European shares followed suit, and U.S. markets seemed on their way to join the global decline. As one of the largest exporters in the world, Japan reported numbers that could imply weaker global demand. Japan's trade data showed shipments to China and Europe plunged 12% and 25%, respectively, in July from a year earlier.

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European debt crisis
In Europe, equities were under further pressure ahead of several meetings between Greek Prime Minister Antonis Samaras and several European leaders. Greece will ask for some breathing room, making the case to extend the implementation of the country's austerity program by two years. If Greece doesn't get the support it needs to deal with its debt crisis it may have to leave the euro, destabilizing other eurozone countries and the currency.

In recent days, Europe has mostly gathered strength on hopes that the European Central Bank plans to implement a bond-buying plan in September to help the region out of its debt crisis. The plan, however, has been hyped, criticized and downplayed, leading markets along higher or lower.

Fed minutes
But even as investors try to fully comprehend the meaning of the goings on in Europe and globally, they'll be waiting for the Fed's minutes.

At 2 p.m. ET, the Fed will release its notes from the latest Federal Open Market Committee meeting on July 31-Aug. 1.

Investors will pore over the minutes to get a better picture of the state of the U.S. economy and perhaps find hints as to the Fed's plan about the possibility of a third stimulus program, QE3. Many hope such a program will be unveiled at the Jackson Hole, Wyo., symposium on Aug. 31. Many doubt, however, the minutes will provide any clear signal to the Fed's intentions, especially given recent better-than-expected​ U.S. economic data.

Housing resales jump
Sales of existing homes rose 2.3% in July from the previous month to a seasonally adjusted annual rate of 4.47 million, the National Association of Realtors reported Wednesday. Economists expected a pace of 4.5 million. Sales rose 10.4% from the same month a year earlier. The median price of existing homes climbed 9.4% year on year to $187,300, and inventories rose 1.3% to 2.4 million units, representing 6.4 months of supply.

Also, weekly mortgage applications declined a sharp 7.4%, the Mortgage Bankers Association said. Applications for refinancing tumbled 9% as interest rates edged higher.

CBO warns of recession risk
The nonpartisan Congressional Budget Office warned of a recession risk because of the "fiscal cliff." The CBO predicts that the U.S. economy will grow at a 2.1% pace in 2012. But if Congress fails to act to maintain current tax rates and avert deep cuts to federal spending, the U.S. would experience a recession, with unemployment rate jumping to about 9% in the second half of 2013 from its current 8.3%.

The CBO estimates the U.S. government will run a budget deficit of $1.1 trillion in fiscal 2012, or 7.3% of gross domestic product, slightly lower than the agency's March estimate.

Stocks to watch
Dell (DELL) shares slipped after the No. 2 U.S. PC maker beat analyst earnings estimates but warned of a challenging second half, slashing its full-year outlook. Customers, it said, cut back on computer purchases ahead of the launch of Microsoft's (MSFT) Windows 8 software. In general, though, Dell is struggling to compete with cheap Asian rivals and the adoption of tablets. (Microsoft owns and publishes Top Stocks, an MSN Money site.)

Hewlett Packard (HPQ), which is also due to report results after the close, saw its shares decline after Dell's results.

Luxury home builder Toll Bros. (TOL) earned 36 cents per share for its fiscal third quarter, double analyst estimates. Revenues also came in above consensus. "Housing is on the mend," executive chairman Robert Toll said. CEO Douglas Yearley added, "We believe the housing recovery is being driven by pent-up demand, very low interest rates and attractively priced homes." Yearley, however, explained that because the company is focused on the luxury market, it is facing less competition from other builders. 

American Eagle Outfitters (AEO) shares rose after the retailer said it will meet or beat Wall Street's earnings target for the third quarter.

Williams-Sonoma (WSM) shares soared after the company reported results that beat Wall Street expectations. Meanwhile Express (EXPR) shares slipped after the retailer reported a 26% rise in profit, but cut its full-year earnings projection.

BHP Billiton (BHP) is postponing or scaling back projects together worth more than $50 billion, a reversal from a previously aggressive expansion strategy and a sign that the mining boom has ended, The Wall Street Journal reported. BHP Billton said annual net profit fell 35%.

Fifth Third Bancorp (FITB) approved a stock-buyback authorization for up to 100 million shares. In addition, Fifth Third's directors are likely to consider a dividend increase next month.

Apple (AAPL) and Samsung lawyers made their closing arguments Tuesday. Now it's up to the jurors, who have to answer 600 questions before they make a decision.