Stocks look to earnings, emerging markets

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NEW YORK (CNNMoney)

U.S. stock futures were mixed ahead of the open, with the Nasdaq pointing down while the Dow Jones industrial average and S&P 500 were indicating a positive start to the day.

Earnings season is in full swing, with quarterly results expected before the opening bell from firms including Comcast (CCV), Ford (F, Fortune 500) and Pfizer (PFE, Fortune 500). After the close, expect to see results rolling in from Yahoo (YHOO, Fortune 500), AT&T (T, Fortune 500) and Electronic Arts (EA).

Apple (AAPL, Fortune 500) looks to be in for a rough trading session Tuesday. Shares sank more than 8% in after-hours trading Monday after the firm's fourth quarter iPhone sales came in below expectations.

Related: Fear & Greed Index

Emerging markets have returned center stage over the past few days as protests and wild currency fluctuations led to a sweeping sell-off.

Early Tuesday, Ukraine's prime minister offered to resign in a bid to ease a political crisis in his country.

Turkey's central bank is set to hold an emergency meeting Tuesday in an effort to halt the lira's steep decline. And India surprised investors with a rate hike to combat rising prices.

Related: Is this an emerging markets crisis?

The turmoil has been sparked, in part, by the U.S. Federal Reserve's plans to reign in the flow of cheap money. The markets expect the Fed to announce a further cut to its bond-buying program Wednesday, which could lead to a further withdrawal of cash from vulnerable emerging markets.

"With all this [turmoil] in the background and ahead of tomorrow's Fed policy meeting in which most in the market now expect a further reduction of the bond-buying program by $10 billion, it's a no-brainer that asset allocators around the world are shedding their emerging market holdings," said Ishaq Siddiqi, a market strategist at ETX Capital in London.

Related: CNNMoney's Tech30

In economic news, the U.S. Census Bureau is set to release its monthly report on durable goods orders at 8:30 a.m. ET. The Case-Shiller 20-city home price index is due at 9:00, while the Conference Board's Consumer Confidence Index comes out at 10:00.

President Obama will give his annual State of the Union message at 9.00 p.m. ET.

European markets were edging higher in early trading while Asian markets ended mixed.

U.S. stocks fell Monday, continuing the slide from the previous week.

First Published: January 28, 2014: 5:02 AM ET

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