Firefighters are trying to stop a fast-moving Nevada wildfire from spreading to homes in Reno

RENO, Nevada (AP) — A wildfire that mushroomed over the weekend in the Sierra Nevada foothills spread perilously close to neighborhoods in Reno, Nevada, forcing authorities to urge more than 90,000 residents to leave their homes.

The out-of-control fire has already burned some homes, but there's concern that shifting winds could push the flames into newly developed and densely packed neighborhoods in Nevada's largest city outside of metro Las Vegas.

Schools across the county were closed Monday because of the evacuations and to keep roads clear for emergency crews. At a roadblock in one of the evacuated neighborhoods, residents expressed frustration Monday that they could not get back into their homes.

"There’s no fire here! Why are the National Guard here?” one driver yelled.

Authorities said late Sunday that the Hawk Fire had stayed in its footprint and firefighters were extinguishing hotspots while working to keep the fire from jumping a main highway and reaching areas filled with homes and businesses. There was zero containment.

The fire began Saturday and grew to more than 23 square miles (60 square kilometers) on Sunday across foothills ringed by neighborhoods northwest of downtown Reno near the California state line.

Reno, a city of about 280,000 people, is known for its casinos and as a gateway to nearby Lake Tahoe, North America’s largest alpine lake and a popular vacation destination. It's also about 120 miles (190 kilometers) southwest of Nevada’s Black Rock Desert, site of the annual Burning Man festival, which begins Aug. 30.

At least six people — three first responders and three civilians — have been injured in the fire. Officials said the fire was “human-caused” but did not say whether it was intentionally set or accidental.

Videos posted on social media showed the smoldering ruins of homes and cars, with only a scorched basketball hoop still standing.

Many residents had little time to evacuate after the fire exploded in size.

“Honestly, I thought it was like in a movie,” said Ruby Delatorre, who got back from a concert only to find her home in the evacuation zone. She returned Sunday to walk to her home and get a few more possessions.

“I literally want to cry and go back for all my stuff. I just got what I thought I needed," Delatorre said.

Some who spotted the smoke on Saturday thought it was from another wildfire that has been burning the past two weeks.

Teresa Lenshyn, who is among the evacuees, said being forced to leave was chaotic and stressful. “You don’t know if the winds are going to shift and it's going to get worse,” she said.

The Hawk Fire is the third large wildfire in the rugged terrain north of Reno in the past two weeks — all caused by human activity, according to fire officials.

Extremely dry conditions across the American West have sparked a rash of wildfires this summer. Fires in eastern Washington state forced the evacuation of 60,000 people in the Spokane area in early August.

Nationwide, there have been more than 50,000 wildfires — the most over the past 10 years covering the same time period, according to the National Interagency Fire Center.

Seewer reported from Toledo, Ohio. Associated Press writers John Raby in Charleston, West Virginia, and Jack Brook in New Orleans contributed.

This image taken from video shows active wildfires Saturday, Aug. 22, 2026, in Reno, Nevada. (Tim Walton via AP)

This image taken from video shows active wildfires Saturday, Aug. 22, 2026, in Reno, Nevada. (Tim Walton via AP)

This image taken from video shows a charred neighborhood following wildfires Saturday, Aug. 22, 2026, in Reno, Nevada. (Tim Walton via AP)

This image taken from video shows plumes of smoke rising from active wildfires Saturday, Aug. 22, 2026, in Reno, Nevada. (Tim Walton via AP)

Smoke billows in the distance as a wildfire in Reno, Nev., destroyed homes and caused thousands to evacuate their homes, Sunday, August 23, 2026. (AP Photo/Haven Daley)

A scorched structure is seen following the Bug Fire near Reno, Nev., Thursday, Aug. 13, 2026. (AP Photo/Noah Berger)

A scorched car sits outside a home that survived the Bug Fire near Reno, Nev., Thursday, Aug. 13, 2026. (AP Photo/Noah Berger)

Fire retardant coats a vehicle following the Bug Fire near Reno, Nev., Thursday, Aug. 13, 2026. (AP Photo/Noah Berger)

Smoke billows in the distance as a wildfire burns in Reno, Nev., Sunday, August 23, 2026. (AP Photo/Haven Daley)

NEW YORK (AP) — U.S. stocks are drifting Monday ahead of a week packed with potentially market-moving events. The areas of the bond market that the U.S. Treasury Department is trying to calm down, meanwhile, eased a bit.

The S&P 500 slipped 0.3% and pulled a bit further from its all-time high set earlier this month. The Dow Jones Industrial Average was up 59 points, or 0.1%, as of 1:42 p.m. Eastern time, and the Nasdaq composite was 0.6% lower.

Tech stocks led the way downward following big swings through the summer on worries that the frenzy around artificial-intelligence technology sent prices too high and that the huge demand for AI chips won’t be sustainable if they don’t produce enough profits.

Chip giant Nvidia has been a tremendous winner of the AI boom and become Wall Street’s largest and most influential stock because of it. It will deliver its latest quarterly earnings report on Wednesday, which could dictate the next big move for AI-related stocks.

Nvidia sank 2.3% and was the heaviest weight on the S&P 500, where the majority of stocks rose. Drops of 6% for Micron Technology and 2% for Broadcom also helped drag the index lower.

The other big factor moving stocks recently has been the bond market, where longer-term Treasury yields climbed through the summer on worries about high inflation, huge government debts and other factors. High yields make it more expensive for everyone to borrow, not just the government, and have already been pushing up mortgage rates and hurting the housing industry.

The U.S. Treasury Department announced a surprise move last week to increase the size of planned buybacks of Treasurys, which could help contain the rise in yields for 10- and 30-year Treasurys. But analysts warned the move may have only a limited effect because of how small the size of the buybacks are and how they do not fix the fundamental problems of too-high debt for the U.S. government and expensive oil prices because of the war with Iran.

On Monday, the yield of the 10-year Treasury eased to 4.70% from 4.74% late Friday and is back below where it was late Tuesday, before the U.S. Treasury Department made its surprise announcement.

Helping to bring yields down on Monday was a drop in oil prices. Brent crude fell 2.3% to $90.55 per barrel.

Last month it zigzagged between $72 and $102 as hopes rose and fell that the United States and Iran could reach a deal that would allow oil tankers to freely exit the Persian Gulf again. That was even though the United States announced new sanctions on Iran, which helped drag the value of Iran's currency to a record low.

Despite Monday's easing of yields, analysts warn the U.S. government’s attempts to influence the bond market could ultimately mean higher pressure on inflation. Inflation already is higher than nearly everyone would like and has been for years.

That raises the pressure on the Federal Reserve to raise the federal funds rate, which affects very short-term overnight loans. When the Fed raises that rate, it could help keep a lid on inflation by trying to slow the overall economy and undercutting prices for stocks and other investments.

The Fed’s new chairman, Kevin Warsh, is set to deliver a speech on Friday at an economic symposium in Jackson Hole, Wyoming. The mountain setting has been the backdrop for major Fed policy announcements in the past, but investors are unsure of what they may get from Warsh this time around.

Warsh has insisted that he wants to give financial markets fewer clues about what the Fed will do with interest rates, hoping that markets react more to incoming data about the economy and inflation than to what the Fed is signaling.

But with U.S. Treasury Secretary Scott Bessent announcing his move last week, Warsh now holds the ball, according to economists at Bank of America. Expectations are high among investors for Warsh to talk about inflation and how the Fed could potentially react, and a failure to deliver could lead to bond yields jumping, they said.

In stock markets abroad, indexes dipped around much of the world. South Korea’s Kospi fell 3.1%, and Hong Kong’s Hang Seng dropped 1.9% for two of the biggest moves.

Seoul has been home to some of the world’s sharpest swings this summer because it is dominated by two tech titans benefiting from the AI boom, Samsung Electronics and SK Hynix.

AP Business Writers Michelle Chapman and Elaine Kurtenbach contributed to this report.

Options traders work on the floor of the New York Stock Exchange in New York, Friday, Aug. 21, 2026. (AP Photo/Yuki Iwamura)

Specialists Dilip Patel, right, and Dylan Halvorsen work on the floor of the New York Stock Exchange in New York, Friday, Aug. 21, 2026. (AP Photo/Yuki Iwamura)

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm Thursday, Aug. 20, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

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)

People stand in front of an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Aug. 24, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A person walks by an electronic stock board showing Japan's Nikkei index at a securities firm Monday, Aug. 24, 2026, in Tokyo. (AP Photo/Eugene Hoshiko)

A surveyor works in front of a stock market chart Monday, Aug. 24, 2026 in Tokyo. (AP Photo/Eugene Hoshiko)