Here comes GDP ...

The second estimate of first quarter GDP is set for release at the bottom of the hour.

Expectations are for the report to show the economy contracted 0.9% on an annualized basis to start 2015, according to estimates from Bloomberg.

The report is also expected to show personal consumption rose 2% in Q1, up from an initial reading of 1.9%.

The initial estimate of Q1 GDP showed the economy grew just 0.2% to start the year, well below then-consensus expectations for a 1% increase.

To start the year, Wall Street had been looking for Q1 GDP growth closer to 2%.

Wall Street economists, however, aren't that worried about the first quarter and still expect a snapback in the second quarter.

We'll be back with the live numbers when they hit.