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* JPMorgan, Citi, Wells Fargo rise after results
* Netflix leads FAANG stocks higher in premarket
* Microsoft gains on brokerage upgrade to "outperform"
* Futures up: Dow 0.83 pct, S&P 0.95 pct, Nasdaq 1.42 pct
* The three indexes had lost about 5 pct in past two days (Adds comments, updates prices)
By Shreyashi Sanyal
Oct 12 (Reuters) - Wall Street was set to rebound on Friday after the U.S. stock market's worst two days of losses since February, as bumper results for the country's largest banks, including JPMorgan, set an upbeat tone for the earnings season.
Index futures pointed to gains of about 1 percent for each of the three main indexes at opening, after they fell a little over 5 percent each in the past two days, with the Dow Jones Industrial Average sinking more than 1,300 points.
JPMorgan Chase & Co rose 1.7 percent before the bell after reporting a better-than-expected quarterly profit as higher interest rates and loan growth helped offset weakness in bond trading revenue.
Citigroup rose 2.7 percent as its profit also beat estimates on higher bond trading revenue and strength in consumer banking in Mexico. Wells Fargo was up 2.1 percent despite missing analysts' estimates.
The bank results launch a quarterly reporting season that will give the clearest picture yet of the impact on profits from President Donald Trump's trade war with China.
"The focus has now shifted to earnings, which are expected to be strong for this quarter and will offer markets some support," said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida.
Earnings at S&P 500 companies are estimated to have risen 21.3 percent in the third quarter, according to I/B/E/S data from Refinitiv, a slowdown from the previous two quarters.
The earnings season comes with investors fretting over inflation pressures and interest rates, while a surge in Treasury yields to over seven-year highs has made bonds more attractive. That culminated in the sell-off over Wednesday and Thursday.
"Investors should still expect a high level of volatility today, which is just pressure that's been built up over the last two days," said Brown.
At 8:49 a.m. ET, Dow e-minis were up 210 points, or 0.83 percent. S&P 500 e-minis were up 26 points, or 0.95 percent and Nasdaq 100 e-minis were up 100 points, or 1.42 percent.
The gainers include the high-growth FAANG group, which has led the three major U.S. indexes to record highs and also contributed heavily to the rout in the past two sessions.
Shares of Facebook, Amazon, Apple, Netflix and Alphabet were higher between Facebook's 1.6 percent and Netflix's 4.3 percent.
Citigroup recommended buying Netflix's shares, saying the recent sell-off was overdone. The stock's 9.7 slide in the past two days is the most among the FAANGs.
Microsoft rose 2.8 percent after Macquarie upgraded its shares to "outperform", citing a robust software spending environment.
In economic data, the University of Michigan's preliminary consumer sentiment index is expected to show a reading of 100.4 in October, compared to 100.1 in September. The report is due at 10 a.m. ET (1400 GMT). (Reporting by Shreyashi Sanyal in Bengaluru; editing by Patrick Graham and Shounak Dasgupta)