Equities resumed their decline on Thursday following weaker than expected results from FAANG stocks Facebook and Amazon. Facebook led the fall with a 20% plunge that puts the stock deep into correction territory. The biggest takeaway from the reports is that COVID-19 induced tailwinds are no longer blowing. The S&P 500 fell nearly 2.5% at the end of the session with the NASDAQ Composite down 3.75%.

Friday's trading will be all about the Non-Farm Payroll report. The report is expected to be much weaker than first speculated due to the weak ADP report on Wednesday. If the report confirms the market's fears the selloff could deepen. The best-case scenario is a retest of the recent lows followed by another rebound. The Worst-case is that support will fail and the market will enter a prolonged contraction that could wipe another 20% of value off the books.