A key stock market index in Hong Kong saw the biggest single-day drop since the financial crisis on Tuesday. The Hang Seng index fell by -2172.99 (-9.41 percent) on Tuesday.

U.S. stocks rebounded Tuesday after falling oil prices released some of the pressure that built up on the market. The S&P 500 rallied 1% to claw back all of its loss from the day before. The Dow Jones Industrial Average rose 126 points,

Wall Street is pointing higher before the opening bell after Hong Kong’s benchmark plunged more than 9% after Beijing refrained from major spending initiatives as China’s economy slows