News Wrap: US Gulf Coast braces for year's first storm

In our news wrap Friday, the U.S. Gulf Coast is bracing for what could be the year's first tropical storm. Storm warnings extended across parts of Louisiana, Mississippi, Alabama and Florida — and Louisiana declared an emergency. Meanwhile, Western U.S. faced another day of searing heat — expected to last until next week. On Wall Street, stocks slumped on worries about future interest rate hikes.