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Snapshot: Investors await more data on the economy

July's rally appears to be fading. Stocks edged lower as investors awaited economic reports due this week. Also, fewer people signed contracts in June to buy previously owned homes. A string of big-name merger deals (Saks-Hudson's Bay, Elan-Perrigo, Omnicom-Publicis) didn't lift stocks. Seven of 10 S&P 500 sectors fell, led by banks and energy companies. On Wednesday, the US gives its first estimate of second-quarter growth; on Friday, the monthly jobs survey. Those should give signals on the economy's strength, the key to the Fed's next move. Its stimulus plan has been a big factor in a four-year stock rally. The Fed winds up a two-day policy meeting Wednesday.