Barclays cuts US Q2 GDP tracking estimate to 2.6% from 3.0%

Economists slowly giving up on strong Q2.

Barclays also sees Q1 GDP at -0.6% now.

TD Securities now sees GDP at the bottom end of its 2.0%-2.5% range. "We continue to expect the first hike in September, but with numbers like these the odds are falling fast," they wrote.

The Atlanta Fed will likely update its GDPnow model later today but it currently sits at just 0.8% for Q2.