By MAX GOLEMBO, ABC News

(NEW YORK) — Tropical Storm Fay has developed along the East Coast on Thursday evening.

The low-pressure system was sitting 40 miles east of Cape Hatteras, North Carolina, at the time of its forming about 5 p.m.

There is currently a tropical storm warning in effect from from Cape May, New Jersey, north to Watch Hill, Rhode Island, including Long Island and Long Island Sound.

By Friday morning and early afternoon, this system will move north, up the East Coast with heavy rain and gusty winds. Flash flooding will be possible in Virginia, Maryland and Delaware.

The storm will move into the Northeast from New Jersey to Vermont through Saturday morning. It will bring heavy rain and gusty winds and flash flooding will be possible in the area.

Locally, 3 to 5 inches of rain could fall from this system in the Mid-Atlantic and over 3 inches of rain is possible from New Jersey to upstate New York and into parts of New England.

More than 260 damaging storms were reported from Colorado to Maine Wednesday. There were also 25 reports of tornadoes throughout Colorado, Nebraska, Minnesota and Illinois.

The tornadoes destroyed homes and resulted in one death in western Minnesota.

Severe storms are now expected Thursday from Milwaukee, Wisconsin, and Chicago and down to Tulsa, Oklahoma, and Oklahoma City.

The biggest threat Thursday will be damaging winds and large hail. The only area that has a tornado threat will be in the western Plains around Nebraska.

Another big story around the country is this scorching heat. From California to New Hampshire, heat advisories and warnings have been issued.

East of the Rockies, it will be all about heat and humidity. With temps in the 90s and with high humidity, it will feel like its near or over 100 degrees from Texas to New York.

West of the Rockies, wildfires continue to burn and with the increasing heat, they will be difficult to battle.

Excessive heat watches have been issued for California, Nevada and Arizona. Temperatures will approach 120 degrees by the weekend in some spots.

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