By Chuck Mikolajczak NEW YORK (Reuters) - U.S. stocks were set for a lower open on Friday after earnings from JP Morgan Chase, putting the S&P 500 on track to continue its selloff after suffering its biggest drop in two months. * JPMorgan Chase & Co shares fell 3.6 percent to $55.35 in premarket after it reported a far weaker-than-expected quarterly profit as revenue from securities trading fell. * S&P 500 companies' first-quarter earnings are projected to have increased just 1 percent from a year ago, Thomson Reuters data showed. * Another sharp selloff in biotech and momentum names on Thursday sent the Nasdaq to its worst decline since November 9, 2011 and the benchmark S&P index to its biggest fall since Feb 3.
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