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Futures Decline Amid EU Worries; Dell Falls

Stock futures declined Wednesday, following weak economic data from the euro zone and amid ongoing concerns over the region's debt crisis.

A weak economic report from of China also added to negative sentiment. China's manufacturing sector contracted for the fourth month in a row in February. In the euro zone, data showed the region's service sector shrank unexpectedly.

At 10 am, the National Association of Realtors will release existing home sales data for January. Reuters analysts forecast a 4.65 million annualized unit total, versus 4.61 million in December.

Among techs, Apple's price target was raised to $600 a Credit Suisse. The brokerage reiterated its "outperform" rating on the tech giant.

On the earnings front, Dell tumbled after the tech giant reported earnings that missed expectations by a penny and delivered a mixed outlook. Analysts were divided on the stock—at least two brokerages lowered their price target on the firm, while another two boosted their price target. Rival Hewlett-Packard is slated to post results after-the-bell tonight.

Toll Brothers declined after the luxury homebuilder swung to a quarterly loss, hurt by lower deliveries and an increase in contract cancellations.

Dollar Tree also slipped even after the retailer topped earnings expectations.

Weekly mortgage applications declined last weekas loan refinancing demand slipped, according to the Mortgage Bankers Association.

The government is scheduled to auction $35 billion in 5-year notes at 1pm ET.

The Obama administration will propose slashing the top corporate tax rate from 35 percent to 28 percent, as part of a tax reform plan set to be announced later on Wednesday.

—Follow JeeYeon Park on Twitter: @JeeYeonParkCNBC

Coming Up This Week:

WEDNESDAY: Existing home sales, 5-yr note auction; Earnings from Hewlett-Packard
THURSDAY: Jobless claims, FHFA home price index, oil inventories, 7-yr note auction, Apple shareholders meeting; Earnings from Hormel, Kohl's Target, AIG, Gap
FRIDAY: Consumer sentiment, new home sales; Earnings from JCPenney