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Stocks could continue to lose ground

Markets' selloff jitters

The bloodbath in stocks could continue, even if the market manages to bounce Friday.

Earnings season kicks off Friday with two big important financial names ahead of the open—JPMorgan and Wells Fargo. There is also PPI producer inflation data at 8:30 a.m. ET, and consumer sentiment at 9:55 a.m.

After a spectacular rally Wednesday, stocks were pummeled Thursday, in a selloff that started in the momentum names—first biotechs and then techs on the Nasdaq. The biggest casualty was the Nasdaq itself, which was down 3.1 percent to 4,054, its biggest one-day wipeout since November, 2011.