Apple is expected to report earnings per share of $14.07 for its fiscal first quarter, up 2 percent from last year, on revenue up 5 percent to $57.46 billion. Apple will also be watched for what it says about China, where it launched the iPhone 5s and 5c in the fall.
Caterpillar, in its forecast, said it sees improvement in the world economy, including emerging markets. The company reported fourth-quarter profits of $1.54 per share, up from $1.04 a year earlier. Revenue was down 10 percent to $14.4 billion.
The company forecast profits of $5.85 per share for 2014, excluding restructuring costs. The company also expects flat revenues of $56 billion, better than analysts expect.
Caterpillar also sees continued weakness in its mining business, as customers continue to cut investments in new equipment.
The washout in emerging markets was slowed by several developments early Monday, including reports that China Credit Trust avoided default by reaching a last-minute deal to repay investors. While the $500 million high-yield investment trust is not huge, it put the focus on potential hazards in China's shadow-banking sector and how failures could quickly kill confidence.
(Read more: Are emerging markets on brink of another crisis)
The other development that helped stem the selling was the announcement by Turkey's central bank that it would hold an extraordinary meeting Tuesday. The lira had fallen to a new low overnight but then stabilized.
Bill Stone, chief investment strategist at PNC Private Bank, said Turkey's meeting and other events will keep emerging markets front and center this week.
"Recall that the central bank failed to raise rates last week, which continued the lira's steep decline against the dollar. While none are expected to change policy, the central banks of India, Malaysia, South Africa, Mexico and Colombia have regularly scheduled meetings this week. China reports official January PMI data at the end of the week," he noted.
—By CNBC's Patti Domm. Follow here on Twitter @pattidomm.