Tornado (red) and severe thunderstorm (blue) watches are in effect for the above areas at this time. You can go to the SPC website for more details.
Most of the activity is currently taking place along and north of the warm front in east-central Kansas and northern Missouri (where large hail is the greatest threat):
...and across southcentral Kansas and northcentral Oklahoma near the intersection of the surface low pressure center, warm front and dryline. The currently lone storm in this area is capable of producing a tornado and large hail:
The left hand side of the image above shows reflectivity (i.e., rain, hail, etc., being bounced back to the radar site), while the right hand side show wind movement toward (green colors) and away (red colors) from the radar site. The pink outlined area shows a tornado warning that is currently in effect for this storm.
The tornado watch over Tennessee and Kentucky is a dud at the moment. An isolated storm formed earlier to the West of Nashville, prompting issuance of the watch, but it has since dissipated. The "main show" for this area will come later this evening and tonight, in my opinion.
Speaking of later this evening and tonight...the weather is still quiet across Arkansas and southern Missouri at this time, however we still expect severe storms to form later this evening and move East/Northeast overnight. The thinking from my original post earlier this morning is still in-line in this area.