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Futures edge lower ahead of economic data, Fed meeting

U.S. stock index futures ticked lower on Monday, ahead of the Federal Reserve meeting and another heavy week for second quarter earnings.

About one-fifth of the S&P 500 companies report earnings in the coming week. About half of the S&P 500 has reported earnings so far, with 68 percent beating earnings estimates, and 56 percent topping revenue forecasts, according to Reuters.

On the economic front, pending home sales data will be reported at 10 a.m. ET.

However, market attention will mostly be on the Federal Reserve's two-day meeting, which starts on Tuesday and may give an indication of when the central bank's massive asset purchase program will be tailed back. The Bank of England and the European Central Bank will also meet this week.

"All of them are expected to touch on the subject of forward guidance, albeit to various extents," Credit Agricole analysts wrote in a research note. "The clarity of the symphony will determine the level of support to the risk appetite. Should any of them be more explicit (more dovish) about forward guidance, the market can be expected to react in a positive way."

(Read more: Changes to Fed 'forward guidance' could lead to this)

The gross domestic product for the second quarter will be reported on Wednesday and the key payrolls report on Friday.

Among earnings, Wynn Resorts edged lower after the hotel and casino operator missed earnings expectations.

Express Scripts, Hartford Financial and Herbalife are among notable companies scheduled to post results after the closing bell.

Elan surged after drugmaker Perrigo agreed to buy the biotechnology company in a deal worth $8.6 billion.

In Europe, shares traded higher after French good group Danone posted better-than-expected second quarter revenue. However, shares of Dutch delivery firm TNT fell after it reported a second-quarter operating loss, and Ryanair shares dropped after the budget airline kept its forecast for full-year net profit, but warned of a tough market.

(Read more: No green shoots in southern Europe yet: Ryanair)

European markets were also lifted by the announcement of a $35.1 billion merger between the world's second and third biggest advertising agencies, U.S.-headquartered Omnicom and France's Publicis.

(Read more: Global ad market a buzz over $35 billion new giant)

Meanwhile, Asian equity markets declined across the board on Monday, as renewed fears of an economic slowdown in China hindered gains. Japanese stocks fell to a new four-week low on the back of the strengthening yen. The dollar-yen hit a new one-month low of 97.61 leading to a sell-off across the export-heavy Nikkei index.

—By CNBC's JeeYeon Park (Follow JeeYeon on Twitter: @JeeYeonParkCNBC)

On Tap This Week:

MONDAY: Pending home sales, Dallas Fed mfg survey; Earnings from Express Scripts, Hartford Financial, Herbalife
TUESDAY: S&P Case-Shiller home price index, consumer confidence, FOMC mtg begins, Google Nexus 7 on sales; Earnings from Barclays, BP, Chrysler/Fiat, Deutsche Bank, Merck, Pfizer, UBS, Aetna, NYSE Euronext, Amgen, Aflac, Symantec, Take Two Interactive
WEDNESDAY: MBA mortgage applications, ADP employment report, GDP, employment cost index, Chicago PMI, oil inventories, FOMC mtg announcement, farm prices, Booz Allen Hamilton investor call, Electronic Arts shareholder mtg; Earnings from Comcast, Honda, MasterCard, Hess, Humana, Sodastream, Allstate, CBS, Marriott, MetLife, Whole Foods, Dreamworks Animation, Yelp
THURSDAY: Challenger job-cut report, jobless claims, PMI manufacturing index, ISM mfg index, construction spending, natural gas inventories, Fed balance sheet/money supply, auto sales, JCPenney vs. Martha Stewart closing arguments, Michael Kors shareholder mtg, Motorola Moto X launch; Earnings from AstraZeneca, ConocoPhillips, ExxonMobil, P&G, Royal Dutch Shell, Barrick Gold, Cigna, Clorox, Time Warner Cable, AIG, Kraft Foods, LinkedIn, Leap Wireless
FRIDAY: Nonfarm payrolls, personal icome & outlays, factory orders, Congress breaks for summer, Dell shareholders mtg, Detroit bankruptcy hearing; Earnings from Chevron, Toyota, Viacom

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