Turkish President Recep Tayyip Erdogan (not seen) is welcomed by Chinese President Xi Jinping as part of the 11th G20 Leaders' Summit in Hangzhou, China, on September 3, 2016. Mehmet Ali Ozcan | Anadolu Agency | Getty Images

Sales at U.S. companies with significant emerging market exposure posted a notably weak financial quarter, according to Goldman Sachs, amid a growing crisis in Turkey as well as ongoing trade and tariff woes with China. Of Goldman's emerging market stock basket – which includes companies with sales in Brazil, Russia, India and China – only 47 percent of companies in the basket posted positive earnings surprises. The broader S&P 500, meanwhile, posted a "stellar" season with the fastest earnings per share growth (25 percent) and the highest percentage of positive earnings per share surprises in seven years. Emerging markets fell again Monday as the Turkey crisis strengthened the U.S. dollar and caused investors to flee to the safety of developed markets. While these U.S. companies cited by Goldman don't necessarily have direct exposure to Turkey, if money starts to flee emerging markets, their sales could suffer.

There are signs that is already happening. "Fully 23 percent of the stocks in the basket missed consensus sales estimates by more than one standard deviation, nearly double the percent of negative surprises in the S&P 500," wrote David Kostin, Goldman's chief equity strategist. "At the macro level, portfolio managers are attempting to handicap the outcome of trade negotiations and the timing and magnitude of tariffs." The basket of so-called BRIC companies has underperformed the broader S&P 500 by 250 basis points so far this year, he added. Components of Goldman's emerging markets list include Wynn Resorts and Las Vegas Sands, both of which have more than 70 percent sales exposure to BRIC countries.