Major US markets struggle to find a positive ending for the week

HONG KONG (AP) — U.S. markets pointed higher early Friday but for the first time in a month, major indexes are all at risk of closing the week in negative territory.

The futures for the S&P 500 rose 0.3%, the Dow Jones Industrial Average gained 0.4% and Nasdaq futures climbed 0.6%.

For the week, the Dow and the S&P are down 1.81% and 1.85% respectively before the opening bell, and the Nasdaq is down 2.48%. It would be the second consecutive week of losses for the Dow.

Treasury Secretary Scott Bessent this week attempted to put a lid on longer-term borrowing costs which have weighed on markets, but the results have been muted.

The Treasury announced Wednesday that it will at least double the size of its planned purchases of longer-term government debt, and Bessent signaled Thursday that the repurchase program could be larger.

The announcement temporarily brought down government bond yields, which have been elevated by concerns about high inflation partly caused by the war in Iran and rising U.S. government debt.

But economists believe the effect on bond yields is temporary. The yield on the U.S. 10-year Treasury was around 4.70%, up from nearly 4.64% on Thursday and back near its level before the Treasury Department’s announcement.

The 30-year Treasury yield was about 5.25%, up from 5.18% on Thursday.

In early trading, SpaceX shares are up less than 1% after nearly 319 million shares held by investors and employees became eligible to trade Thursday.

Bitcoin is on a tear this week and was up more than 5% early. Bitcoin has gained 22% for the week and was trading for $76,935 each on Friday.

In Asia, bond yields also rose. Japan’s 10-year government bond yield, which had been trading near 30-year highs, rose to about 2.88% from around 2.83% on Thursday.

In Europe, Britain’s FTSE 100 climbed 0.1% to 10,752.29. France’s CAC 40 was nearly unchanged at 8,454.20. Germany’s DAX rose 0.1% to 26,015.14.

Oil prices are essentially flat as the U.S. stepped up its economic threats toward Iran due to limited progress in talks between Washington and Tehran to open the Strait of Hormuz.

Brent crude, the international standard, fell 0.1% to $93.67 a barrel. It was trading at roughly $72 per barrel before the start of the war. Benchmark U.S. crude was down 0.1% to $86.77 a barrel.

The U.S. dollar declined to 158.70 Japanese yen from 159.05 yen. The euro was trading at $1.1702, up from $1.1678.

Japan’s Nikkei 225 fell 0.3% to 66,016.36. Japan on Friday reported that headline inflation rose to 1.9% in July, in part due to higher oil prices resulting from the war with Iran.

South Korea’s Kospi climbed 0.9% to 6,912.95. Hong Kong’s Hang Seng added 1.2% to 26,009.46, while the Shanghai Composite index added less than 0.1% to 3,905.20.

Options traders Chris Dattolo, Scott Frinzi, Justin Kanda, and Ravi Bhandari, left to right, work on the floor of the New York Stock Exchange, Monday, Aug. 17, 2026, in New York. (AP Photo/Yuki Iwamura)

Options trader Anthony Spina works on the floor of the New York Stock Exchange, Monday, Aug. 17, 2026, in New York. (AP Photo/Yuki Iwamura)

Currency traders watch monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 21, 2026. (AP Photo/Ahn Young-joon)

A currency trader watches monitors near a screen showing the Korea Composite Stock Price Index (KOSPI) and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 21, 2026. (AP Photo/Ahn Young-joon)

Currency traders work at the foreign exchange dealing room of the Hana Bank headquarters in Seoul, South Korea, Friday, Aug. 21, 2026. (AP Photo/Ahn Young-joon)

JAKARTA, Indonesia (AP) — Indonesia n authorities warned Friday they would take legal action against anyone who starts an open fire, as huge blazes on Borneo and elsewhere created a choking haze that blanketed cities and dense smoke drifted into neighboring Malaysia.

The fires are concentrated on Borneo, the world’s third-largest island shared by Indonesia, Malaysia and Brunei. Indonesia occupies about three-quarters of the island, where more than 5,000 hot spots were recorded by the country's Forestry Ministry.

The blazes have blanketed parts of Kalimantan in choking haze, reducing visibility to just 1 meter to 10 meters (yards) in some areas, according to local media reports. The smoke has contributed to traffic accidents and delayed several flights.

Television footage showed roads, buildings and public facilities obscured by smoke, with motorists forced to drive with headlights on during daylight hours. Residents, including schoolchildren, were seen wearing masks while walking outside.

An intensifying El Nino pattern and a prolonged dry season have fueled the fires, generating dense smoke that crossed into Malaysia, according to Indonesia’s National Disaster Management Agency.

Malaysia’s eastern state of Sarawak has been among the hardest hit. One district recorded “very unhealthy” air quality Friday, while eight others posted unhealthy readings, prompting the closure of nearly 600 schools and affecting about 200,000 students, the Sarawak government said.

On Borneo, Central Kalimantan Police Chief Iwan Kurniawan said investigators have detained 12 suspects linked to alleged arson and illegal land clearing in the past week.

“Every forest and land fire incident in Central Kalimantan is investigated,” Kurniawan said, adding that authorities were working to determine the causes of the fires and identify those responsible.

Forestry Minister Raja Juli Antoni, who visited fire-hit areas near the provincial capital of Palangka Raya on Wednesday, vowed strict action against offenders.

“Whoever they are, big or small, without exception, anyone who destroys nature and forests will face strict legal action,” Antoni said.

Social media was flooded with complaints from residents describing breathing difficulties and fears of illness.

In total, Indonesia’s Forestry Ministry detected 11,908 hot spots nationwide in the previous 24 hours, up from 6,352 a day earlier.

Forest-monitoring platform Nusantara Atlas said about 182,000 hectares (450,000 acres) burned in July alone, nearly double the area scorched during the first half of the year. The total area burned this year has reached about 285,000 hectares (704,000 acres).

Indonesia regularly experiences transboundary haze during severe fire seasons, particularly when peatlands on Sumatra and Kalimantan burn. Authorities say fires are often started illegally to clear land for plantations or agriculture, periodically blanketing parts of Southeast Asia in hazardous smoke.

Associated Press writers Eileen Ng in Kuala Lumpur, Malaysia, and Edna Tarigan in Jakarta, Indonesia, contributed to this report.

In this aerial photo relased by Indonesia's National Disaster Mitigation Agency (BNPB) on Friday, Aug. 21, 2026, smoke billows as a wildfire razes through a peatland forest in Bulungan, North Kalimantan, Indonesia. (BNPB via AP)

In this aerial photo relased by Indonesia's National Disaster Mitigation Agency (BNPB) on Friday, Aug. 21, 2026, smoke billows as a wildfire razes through a peatland forest in Bulungan, North Kalimantan, Indonesia. (BNPB via AP)

A boat cruises on the Kapuas River as haze from wildfires blanket the city of Pontianak, West Kalimantan, Indonesia, Friday, Aug. 21, 2026. (AP Photo/Stefanus Taman)

Motorists ride on a road as haze from wildfires blanket the city of Pontianak, West Kalimantan, Indonesia, Friday, Aug. 21, 2026. (AP Photo/Stefanus Taman)

Motorists ride on a road as haze from wildfires blanket the city of Pontianak, West Kalimantan, Indonesia, Friday, Aug. 21, 2026. (AP Photo/Stefanus Taman)