Story highlights Storm formerly known as Hurricane Jose lurking in the northeast

By Wednesday, Jose was 195 miles away from Nantucket, Massachusetts

(CNN) Tropical Storm Jose is losing strength, but marching on.

The storm formerly known as Hurricane Jose is still lurking in the northeastern US coast, packing winds of 70 mph and the threat of flooding.

By Wednesday afternoon, Jose was 140 miles away from Nantucket, Massachusetts, after dumping rain in North Carolina's Outer Banks and Virginia as it passed by the day before. The outer rain bands were near the coast of southern New England.

"Gradual weakening is forecast during the next couple of days," the National Hurricane Center said. "Dangerous surf and rip currents are expected to continue for several more days along much of the East Coast of the United States."

CNN affiliate WAVY-TV producer David Craft posted photos of cars partially submerged under water on streets in Norfolk, Virginia.