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

Big Tech takes a beating
The tech-heavy Nasdaq Composite Index is now down more than 10% from its highest close for the year in July after shedding 1.76% to close below its 200-day moving average and ending at 12,595.61. The Dow Jones Industrial Average slipped 251.63 points, or 0.76% to 32,784.30, while the S&P 500 dipped 1.18% to finish the session at 4,137.23. During Thursday's session, the S&P 500 dipped into correction territory at its low of the day — ending the session nearly 10% off from its closing high, notched in July.

Amazing Amazon?
Amazon reported third-quarter earnings and revenue on Thursday that sailed past analysts' estimates. The online retail giant said its ad business recorded $12.06 billion in revenue during the third quarter, marking a 26% jump from the year-earlier period. Its cloud unit, Amazon Web Services, grew revenue 12% year over year in the third quarter. Analysts had expected a more rapid performance for the world's top provider of computing and storage services delivered from faraway data centers.

Cost and quality issues
Ford Motor on Thursday missed Wall Street's third-quarter earnings expectations, as it restructures its operations and regroups following the end of a nearly six-week U.S. labor strike that in total has cost the company $1.3 billion. As a result of the work stoppage by the United Auto Workers union, which ended Wednesday with a tentative deal, the company pulled its previously announced earnings guidance that included adjusted earnings between $11 billion and $12 billion and adjusted free cash flow of $6.5 billion to $7 billion.

Cost cutting
Intel shares rose about 7% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined. For the fourth quarter, Intel expects earnings of 23 cents per share, adjusted, on revenue of between $14.6 billion and $15.6 billion, versus LSEG expectations of 32 cents per share on $14.31 billion in sales.

[PRO] Nasdaq bears
Mounting pressure from "higher for longer" interest rates means there's likely more bad news ahead for the tech-heavy Nasdaq Composite. Multiple names within the Nasdaq are already in a bear market, or down more than 20% from their 52-week highs. CNBC Pro recently screened for a list of these stocks.

The bottom line

Strong consumer spending in the face of higher interest rates and stubbornly high inflation partly buoyed the U.S. economy in the third quarter.

But a slew of recent economic indicators seems to be pointing to U.S. consumers quickly running out of excess cash, while household savings are coming under pressure.

"I think the U.S. consumer is walking towards a cliff, basically," Chris Watling, chief executive of financial advisory firm Longview Economics, told CNBC's Squawk Box Europe on Wednesday.

Earnings guidance for the fourth quarter has not been as rosy as well.

Shares of Hasbro and Mattel fell on Thursday, as both toymakers suggested sales will slow in the fourth quarter. Consumers are cutting back on spending as the holiday season approaches as inflation pressures start to hit their wallets.

Burritos at Chipotle are also about to get even more expensive. Executives said the company will pass along the higher labor costs after California raised wages for fast-food workers to $20 an hour in April.

Despite issuing strong third-quarter results, shares of Meta closed down more than 3% Thursday on the tech giant's cautious guidance about potential ad softness due to the ongoing Israel-Hamas war.

The idea of a looming recession has been lingering at the back of people's minds for well over a year now. Will it ever come to pass, or is the market correction merely wiping the froth off recent exuberance?