Markets 
Tropical Storm Bertha formed Monday evening in the Gulf of Mexico south of the Florida Panhandle as it drifts erratically toward populated coastal areas bearing a threat of heavy rain, storm surge and damaging wind gusts, forecasters say.
Meanwhile, in the eastern Pacific Ocean, Hurricane Fausto formed far from Mexico’s Baja California peninsula and posed no threat to land Monday night.
The center of Bertha was located at about 8 p.m. some 110 miles south of Panama City, Florida, in the northern Gulf. Maximum sustained winds were around 40 mph and some additional strengthening is expected as the storm approaches land, according to the Miami-based National Hurricane Center.
The slow-moving storm drifted for hours on Monday, but is expected to stay near or along the northern Gulf Coast early this week, unleashing heavy rain on coastal areas of northern Florida, Alabama, Mississippi and Louisiana as it pushes west toward Texas.
Bertha is the second tropical storm of the Atlantic hurricane season. Tropical Storm Arthur last month brought heavy rainfall to the southeastern United States.
The storm was generally moving west-northwest near 3 mph and expected to make a more northwesterly turn toward the coast during the night and early Tuesday, according to the hurricane center.
A tropical storm watch is in effect for a wide area from the Ochlockonee River in Florida westward to southeastern Louisiana at the Jefferson and Plaquemines parish line. A storm surge watch also has been posted from the mouth of the Mississippi River to the Alabama-Florida border on the Gulf Coast.
Potentially life-threatening storm surges of up to four feet could occur in portions of the Louisiana and Mississippi coastlines, the hurricane center said, warning Bertha could spin off an isolated tornado or two over the Florida Big Bend region in the week.
Areas of flash flooding will also be possible through Friday along the coast from western Florida to middle Texas, forecasters said. They added that rainfall could total 3 to 5 inches along the Louisiana coastline with higher amounts in some scattered areas.
Red flags were flying on the beach at Orange Beach, Alabama, cautioning swimmers about high surf and currents. In Escambia County, Florida, emergency officials offered sand for people living in flood-prone areas to use for sandbags.
Fausto gained hurricane status Monday night and was about 745 miles southwest of the southern tip of the Baja California peninsula, forecasters said.
The U.S. National Hurricane Center in Miami said Fausto had top sustained winds of 75 mph and was moving to the west-northwest at 9 mph.
No coastal watches or warnings were in effect though ocean swells generated by the storm could pummel the Baja California coast and cause life-threatening surf and rip tide conditions, the center said.
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