Stock futures enjoy a pleasant surprise from Caterpillar's upbeat results, driving the S&P +0.3% and the Dow and Nasdaq +0.2%.
Asian markets fell sharply in extending last week's selloff but European markets pared most of their losses after the Turkish central bank said it would schedule an extraordinary meeting tomorrow to take measures to ensure price stability.
Dow component Caterpillar +6.6% after posting better than expected Q4 earnings and revenue and authorizing a $10B stock buyback program; Apple, which reports FQ1 results after the close, +0.7%.
Treasurys are on the defensive with the 10-year yield up 3 bps at 2.75%.
Still ahead: new home sales, Dallas Fed.