Morning update: Amazon's dive slams stocks | S&P 500 near a correction | Cramer explains why

BY THE NUMBERS

Futures were sharply lower this morning, potentially undoing most of the strong stock gains seen on Thursday. With today's indicated declines, the S&P 500 is on the cusp of a correction. The Nasdaq is all but certain to post its fourth straight weekly loss. (CNBC)

* Asia markets fall as US futures point to decline (CNBC)
* Cramer explains the market volatility and why another Great Recession is not in the cards (CNBC)

Leading tech stocks lower, Amazon's (AMZN) 10 percent is diving in premarket trading after reporting revenue that came in below forecasts, and disappointing fourth quarter guidance. It reported quarterly profit of $5.75 per share, well above the consensus estimate of $3.14. (CNBC)

* Amazon says AWS revenue jumped 46 percent in third quarter (CNBC)

Alphabet (GOOGL) shares were 5 percent lower after, like Amazon, it reported revenue below projections, despite a 21 percent jump from a year earlier. It earned $13.06 per share for the third quarter, compared to the consensus estimate of $10.42. (CNBC)

Earnings out this morning include the latest numbers from Charter Communications (CHTR), Colgate-Palmolive (CL), Goodyear Tire (GT), Moody's (MCO), and Phillips 66 (PSX). There are no earnings reports of note out after today's closing bell. (CNBC)

The government issues its first look at third quarter GDP at 8:30 a.m. ET. At 10 a.m. ET, the University of Michigan is out with its final October reading on consumer sentiment. (CNBC)

IN THE NEWS TODAY

Investigators are focusing on Florida as a transit point for a number of the suspected explosive devices recovered so far in a campaign aimed at top Democratic Party leaders and supporters, a law enforcement official told USA Today.

President Donald Trump's administration is considering blocking ports of entry to migrants, including asylum seekers, on the U.S.-Mexico border. Several options are expected to be delivered to the Department of Homeland Security today. (WSJ)

General Motors (GM) said today it wants Trump to back a nationwide program to boost the sale of zero emission vehicles like electric cars. The government has proposed ending California's ability to require more clean vehicles. (Reuters)

Trump outlined a plan to lower drug prices in the U.S. Under the proposal, the Department of Health and Human Services would permit Medicare to create a new payment model that would bring prices in line with what other nations pay. (CNBC)

* Democratic campaigns target healthcare as GOP weak spot (Reuters)

Attorney Michael Avenatti welcomed a potential criminal probe by the Justice Department into statements he and his client Julie Swetnick made about alleged sexual misconduct by Supreme Court Justice Brett Kavanaugh. (CNBC)

Google CEO Sundar Pichai sent an email to all Google employees saying the company has fired 48 people over the last two years for sexual harassment. Of those 48 people, 13 were "senior managers and above." (CNBC)

* Big Tech's year of reckoning (Axios)

Sears (SHLD) Chairman Eddie Lampert seemingly swooped in again to save Sears, with a plan to pay to support it through its bankruptcy operations. But there is a new catch. He will only put in more money if his investment is further protected. (CNBC)

The current $750 million Powerball jackpot — up for grabs in Saturday night's drawing — marks the third-largest haul in the game's history and the fourth-largest lottery prize ever. If you win, here are tips on how to remain anonymous. (CNBC)

STOCKS TO WATCH

Intel (INTC) beat forecasts by 25 cents with adjusted quarterly profit of $1.40 per share. The chip maker's revenue also beat estimates, and it raised its full year forecast on the strength of demand in the personal computer and data center markets.

Chipotle Mexican Grill (CMG) reported adjusted quarterly profit of $2.16 per share, 16 cents above consensus forecasts, and the restaurant chain's revenue was in line with Street forecasts. Comparable store sales jumped 4.4 percent, although that was below the FactSet consensus estimate of a five percent rise.

Expedia (EXPE) beat consensus forecasts by 53 cents with adjusted quarterly earnings of $3.65 per share, though the travel website operator's revenue missed forecasts. Expedia saw an 11 percent jump in gross bookings, with total lodging room nights rising 13 percent.

Gilead Sciences (GILD) reported adjusted quarterly profit of $1.84 per share, beating the consensus estimate of $1.63 per share. The drug maker also raised its full year revenue guidance.

Snap (SNAP) lost 12 cents per share, two cents less than forecasts, while the Snapchat parent's revenue beat estimates. However, the company reported a drop in daily active users and Snap said it expects that to continue during the current quarter.

Mattel (MAT) missed estimates by two cents with adjusted quarterly profit of 18 cents per share, and the toy maker's revenue missed as well. However, investors appear to be encouraged by stronger than expected North American sales.

Western Digital (WDC) matched forecasts with adjusted quarterly profit of $3.04 per share, but the data storage company saw revenue come in below estimates and warned of a continued decline in flash memory pricing.

Campbell Soup (CPB) and its board were sued by Daniel Loeb's Third Point, which accuses the food company of distributing misleading and incomplete information to shareholders. Third Point is currently seeking to replace Campbell's entire board of directors. In a statement, the company said it was "vigorously contesting" the lawsuit.

Charles Schwab (SCHW) authorized a new $1 billion stock repurchase program. The discount brokerage firm is replacing a prior program which had $596 million remaining.

Mellanox Technologies (MLNX) is working with an adviser on a potential sale, according to sources who spoke to CNBC. The computer hardware maker is said to have received takeover interest from at least two companies, but talks are at an early stage and a deal is not considered imminent.

WATERCOOLER

Walker Buehler, a 24-year-old rookie, will take the mound when the Los Angeles Dodgers host the Boston Red Sox in Game 3 of the best-of-seven series tonight. The Red Sox won the first two games in Boston. (Reuters)

WATCH:Trump wants to prove that Amazon is costing the Post Office billions, here's why it's not that simple