This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here.

What you need to know today

Treasury yields rebound
Asian stock markets saw a broad sell-off, following overnight Wall Street losses. Japanese and South Korean benchmark indexes led losses in the region, while Australia shares touched a low not seen in over a year. This was after the S&P 500 fell 1.43% to close at 4,186.77 Wednesday, breaking below the key 4,200 technical support level for the first time since May as the benchmark 10-year Treasury yield rebounded nearly 11 basis points to about 4.95%. The Nasdaq Composite lost 2.43% in its worst daily loss since Feb. 21. The Dow Jones Industrial Average fell 105.45 points, or 0.32% to 33,035.93.

IBM beats
IBM shares rose 1% in extended trading after the technology conglomerate announced third-quarter results that exceeded Wall Street estimates. Net income reached $1.70 billion, or $1.84 per share, compared with a net loss of $3.20 billion, or $3.54 per share, in the same quarter one year ago.

Life in plastic is fantastic
Mattel said Barbie sales jumped 16% in the third quarter, riding the wave of the blockbuster movie. The "Barbie" film, released in July, is largely responsible for the bump, Mattel said. It is the highest-grossing film this year, clearing more than $1.4 billion worldwide.

Labor deal struck
The United Auto Workers union and Ford Motor have reached a tentative agreement that will end a nearly six-week strike at the automaker, the union announced Wednesday night.

[PRO] How to play Alphabet
Shares of the Google parent dropped 9.5%, putting it on pace for the worst day in nearly a year, after the dominant search engine owner reported cloud revenue that missed analysts' expectations. This is what Wall Street analysts are saying investors should think about.

The bottom line

Meta's business is outperforming its competitors.

In its third-quarter earnings report, the Facebook parent said revenue increased 23%, its fastest rate of growth since 2021. Meta is seeing faster growth in its core digital advertising business as clients rebound from a tough 2022.

On the other hand, advertising revenue increased about 9.5% at Google parent Alphabet and 5% at smaller rival Snap.

The divergence could get even starker. Meta said it expects revenue of $36.5 billion to $40 billion for the fourth quarter. At the midpoint of this range, growth in the quarter will be about 19% higher from a year earlier.

Meta has pointed to its hefty investments in artificial intelligence as a key technology that has helped it better target promotions on its online platforms. Consequently, the company is making the quickest progress following Apple's iOS privacy changes in 2021, which made it hard for app developers to target users.

Even though Meta is banned from operating in China, mainland companies are once again a big contributor to its ad revenue.

Mark Zuckerberg’s big bet on AI though, is still bleeding cash. Meta's Reality Labs unit, which develops metaverse-related technologies, recorded a $3.74 billion operating loss.

Still, there is no escaping the uncertainty of the situation in the Middle East due to the Israel-Hamas war.

In an earnings call with analysts, Susan Li, Meta's finance chief, cited that reason for surprisingly yawning gap between its low-end and high-end forecasts in the company's fourth-quarter revenue guidance.

That same unpredictability has also contributed to whipsawing Treasury yields, which is curbing market gains from earnings beats.

— CNBC's Jonathan Vanian contributed to this report.