NEW YORK (CNNMoney)
The Dow and S&P 500 moved modestly higher in early trading, while the Nasdaq edged lower.
U.S. stocks fell Monday for a fifth consecutive day, continuing the slide from the previous week.
But for now, a sense of calm seems to be prevailing, as the currencies of some troubled emerging markets have stabilized. Investors are also tapping the brakes ahead of the Federal Reserve's policy announcement Wednesday.
Earnings season is in full swing: Shares of Apple (AAPL, Fortune 500), a prominent member of CNNMoney's Tech 30 Index, tumbled after the tech giant reported weaker-than-expected fourth quarter iPhone sales.
Pfizer (PFE, Fortune 500) bounced after the drugmaker reported better-than-expected earnings, though sales fell short of estimates.
Ford (F, Fortune 500) shares rose after the automaker topped earnings forecasts and said it would pay record profit sharing to its UAW members.
American Airlines Group (AAL), the child of the recently completed merger between American Airlines and U.S. Airways, reported a fourth quarter profit that beat estimates.
After the close, results are due from Yahoo (YHOO, Fortune 500).
Related: Fear & Greed Index swallowed by extreme fear
Emerging markets in turmoil: Emerging markets have returned to center stage over the past few days as protests and wild currency fluctuations led to a sweeping sell-off.
Turkey's central bank will hold an emergency meeting Tuesday afternoon 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 prompt a 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 Case-Shiller 20-city home price index rose slightly, signaling that the housing market remains strong but is showing signs of topping out.
European markets edged higher in afternoon trading while Asian markets ended mixed. 
First Published: January 28, 2014: 9:46 AM ET
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