Markets Are Down In Europe, But Up Everywhere Else

European markets are in the red early Wednesday.

Here's the scorecard:

Britain's FTSE 100 is down 0.20%.

France's CAC 40 is down 0.51%.

Germany's DAX is down 0.11%.

Spain's IBEX is up 0.28%.

Italy's FTSE MIB is down 0.10%.

The comes after the U.S. and Europe imposed the toughest sanctions against Russia since the cold war for its involvement in Ukraine.

Asian markets rose to a 6.5-year high with Japan's Nikkei closing up 0.2% and Hong Kong's Hang Seng up 0.4%.

U.S. futures are up with Dow futures up 19 points and S&P 500 futures up 3 points.

Later today, we'll get the U.S. Q2 GDP report. Economists are expecting a 3% jump.

"Following the first quarter's surprising 2.9% decline in GDP, we are looking for a nice rebound in Q2," Wells Fargo's John Silvia said. "Perhaps even more notably, personal consumption expenditures grew at an initially reported 3.0% pace, but the figure was revised down to only 1.0%. While the decline in Q1 GDP was rather discouraging, economic indicators thus far in Q2 have been much more upbeat. While we still see net exports putting a drag on economic growth, inventory-building should provide a boost in Q2."

At 2:00 p.m. ET, the Federal Reserve will publish its latest Federal Open Market Committee statement. Economists don't expect much, but they will be reading carefully for clues to when the Fed might start raising rates.