CNBC Daily Open: Big Tech needs to go beyond beating earnings expectations

This report is from today's CNBC Daily Open, our 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 .

Big Tech drags down markets 
Major U.S. indexes slumped on Thursday, weighed down heavily by losses in Big Tech shares. All three indexes fell for the month. Asia-Pacific markets mostly followed Wall Street downwards on Friday morning, with Japan's Nikkei 225 shedding around 2.5%. But China's CSI 300 and Hong Kong's Hang Seng index rose on news that China's factory output grew in October.

Apple and Amazon beat estimates 
Apple's fiscal fourth-quarter earnings and revenue exceeded LSEG consensus estimates. The Cupertino-based company's iPhone revenue grew 6%. Meanwhile, Amazon also beat Wall Street's expectations for its third-quarter earnings and revenue. While the company's cloud division missed revenue expectations, it's growing faster than it had in the same period last year. 

Factory output for China grows 
China's factory activity for smaller manufacturers expanded in October after a reading in September that indicated contraction. The Caixin/S&P Global manufacturing purchasing manager's index came in at 50.3, beating the median estimate of 49.7 in a Reuters poll. The index tends to measure private sector companies and exporters, compared with the official PMI data, which tracks bigger state-owned firms. 

New contract offer for Boeing workers 
Boeing and its machinists' union have reached a new contract offer that may end a seven-week-long strike involving more than 32,000 machinists. The new proposal bumps up wage increases and gives the option of a ratification bonus. Voting is scheduled for