Here's what you should know

The S & P 500 slipped past two closely watched levels on Friday. It fell below its 200-day moving average and is down more than 10 percent from its intraday high of 2.940.91 on Sept. 21, a correction as defined on Wall Street.The 200-day moving average is one of the most popular technical indicators used by investors to help price analysis trends. The metric, the average price of the last 200 days, is often considered a barometer of whether securities are in a healthy long-term trend. Earlier this year, sell-offs in February, March and April each saw the S & P 500 bottom at that key level.

Both the Dow and the S & P 500 have made gains this year, with the Nasdaq only one of the largest indexes holding on a year-to-date gain of 3.3 percent. Of the 11 sectors in the S & P 500, six are poised to close Friday in correction territory. The Dow is down 5.9 percent in October, 6.57 percent in August 2015.

"You've got your profit-taking done last week," said Salt Financial President Alfred Eskandar told CNBC. "We know where we are, we know the facts of the world. [on Nov. 6]. That's going to give people confidence to get their foot on the gas or ease off. "

Thursday was the busiest day of the third-quarter corporate earnings season, with giants such as Amazon and Alphabet reporting.

Amazon shares plunged after income Wall Street forecasts, while fourth-quarter guidance also disappointed. The company's stock fell through its 200-day moving average, losing as much as 10 percent in after-hours trading. Google parent Alphabet also saw shares sink, after the tech company was also disappointed in the third quarter.

Snap and Western Digital, with the company continuing to lose money.

Shares of Intel, Mattel and Expedia all rose slightly but were not enough to outweigh the falling momentum of the biggest tech stocks.

GDP grew faster than expected, giving a momentary boost to stocks, as inflation was kept in check and spending spending on the Commerce Department on Friday. Consumer sentiment was lower than expected in the final reading of October, although the key economic survey remains near historically high levels.

The Cboe Volatility Index, also known as the fear gauge on Wall Street, jumped as high as 27.52 on Friday, its highest level since Oct. 11 when it hit 28.84. If the VIX breaks above 28.84, it will be at its highest level since Feb. 12, when it hit 29.70.

– CNBC's Tom Frank and Fred Imbert contributed to this report.