Economic calendar: US Q4 GDP report, Apple earnings

• European markets set to open lower

• First estimate of US GDP for Q4 2021

• Apple and McDonald's Q4 earnings

Futures markets point to a big drop at the launch of today's European stock session. Moods deteriorated after the Fed delivered more hawkish messages than markets expected. Current pre-market quotes point to German DAX launching today's cash session around 300 points below yesterday's close.

While post-FOMC sentiment is likely to remain important factor in the markets today, investors should keep in mind that there are some noteworthy readings scheduled for today. Key macro report of the day will be released in the early afternoon and will include the first estimate of US GDP data for Q4 2021. Apart from that, earnings calendar for today also looks interesting with reports from Apple, McDonald's, Mastercard and Visa scheduled for release.

8:00 am GMT - Spain, unemployment rate for Q4 2021. Expected: 14.2%. Previous: 14.6%

1:30 pm GMT - US, GDP report for Q4 2021.

• GDP growth (annualized). Expected: 5.5%. Previous: 2.3%

• PCE Core. Expected: 4.9% QoQ. Previous: 4.6% QoQ

1:30 pm GMT - US, durable goods orders for December.

• Headline. Expected: -0.5% MoM. Previous: +2.6% MoM

• Ex-transport. Expected: 0.4% MoM. Previous: 0.9% MoM

1:30 pm GMT - US, jobless claims. Expected: 260k. Previous: 286k

3:00 pm GMT - US, pending home sales for December. Expected: -0.1% MoM. Previous: -2.2% MoM

Wall Street earnings

• Altria Group (MO.US) - before market open

• Apple (AAPL.US) - after market close

• Comcast (CMCSA.US) - before market open

• Dow (DOW.US) - before market open

• Mastercard (MA.US) - before market open

• McDonald's (MCD.US) - before market open

• Visa (V.US) - after market close