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Here are five things you must know for Friday, Oct. 12:

1. -- Stocks Rebound After a Second Steep Selloff

U.S. stock futures rose on Friday, Oct. 12, after equities fell hard for a second straight day, Wall Street digested earnings from JPMorgan Chase & Co. (JPM) - Get JPMorgan Chase & Co. (JPM) Report  , Citigroup Inc. (C) - Get Citigroup Inc. Report and Wells Fargo & Co. (WFC) - Get Wells Fargo & Company Report .

The declines on Thursday, Oct. 11, pushed the Dow Jones Industrial Average's two-day losses to nearly 1,400 points and sent the Nasdaq into correction territory, which is defined as a drop of at least 10% from all-time highs. The S&P 500 closed lower for a sixth straight day. 

The Dow on Thursday fell 546 points, or 2.1%, to 25,053, the S&P 500 slid 2%, and the Nasdaq dropped 1.25%.

Investors have been rattled this week by higher bond yields, concerns over rising interest rates, trade tensions - particularly between the U.S. and China - and signs of slowing global economic growth. Even a decline in bond yields on Thursday couldn't stem the the steep stock market drop.

Asian shares, however, rebounded sharply on Friday following a report that said Donald Trump and Chinese President Xi Jinping may meet at the Group of 20 summit in Argentina in late November.

The Wall Street Journal, citing U.S. and Chinese officials, reported that the White House in recent days has informed Beijing that it would proceed with the summit meeting in Buenos Aires at the end of November.

For Friday, contracts tied to the Dow Jones Industrial Average jumped 225 points, futures for the S&P 500 rose 26 points, and Nasdaq futures gained 99.50 points.

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2.  -- JPMorgan and Citigroup Report Earnings

JPMorgan Chase earned $2.34 a share in its third quarter, beating estimates of $2.26. Revenue was $27.82 billion vs. estimates of $27.44 billion.

The stock rose 1.5% in premarket trading.

Citigroup earned $1.73 a share in the third quarter, topping Wall Street's expectations by 5 cents. Revenue of $18.39 billion came in just shy of estimates. The stock gained 1.3%

Wells Fargo & Co.'s third-quarter adjusted profit was $1.16 a share, 3 cents below estimates. Shares rose 1.1%.

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The economic calendar in the U.S. on Friday includes Import and Export Prices for September at 8:30 a.m. ET, and Consumer Sentiment for October at 10 a.m.

JPMorgan and Citigroup are holdings in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells the stocks? Learn more now.

3. -- Tencent Music Reportedly to Postpone IPO

Tencent Music Entertainment Group plans to postpone its initial public offering until at least November because of the selloff in global markets, the Journal reported, citing people familiar with the offering.

The IPO was to be one of the largest IPOs in the U.S. this year.

Tencent Music, the music-streaming company, met with its underwriting team this week to discuss the price range Tencent Music would set for its IPO, but decided to wait several weeks over worries that stock market turmoil would affect the pricing, the people told the Journal.

The company was expected to kick off its IPO roadshow next week and was expected to start trading the week of Oct. 22, one of the people told the Journal.

4. -- BMW to Take Control of Its China Venture

German automaker BMW will pay 3.6 billion euros ($4.2 billion) to take control of its main joint venture in China, Reuters reported.

It would be the first such move by a global automaker as Beijing starts to relax ownership rules in China, the world's biggest car market.

BMW said it would raise its stake in its venture with Brilliance China Automotive Holdings Ltd. to 75% from 50%.

The move likely will spur BMW to shift more production to China, helping to protect profit amid the trade war between Washington and Beijing, Reuters noted.

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5. -- Order Your Tesla by Oct. 15 to Get Full Tax Credit 

Tesla Inc. (TSLA) - Get Tesla Inc Report said all orders for cars placed by Monday, Oct. 15, would be eligible for the full $7,500 federal tax credit and would be delivered by the end of the year.

Tesla is the first automaker to hit the 200,000th electric vehicle delivery mark in the U.S. and to trigger a phase-out of the federal tax credit for buyers of its electric cars, according to Electrek.

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