The S&P 500 was 0.1% higher in morning trading and drifting close to its all-time high set last week. The Dow Jones Industrial Average was up 155 points, or 0.4%, as of 10 a.m. Eastern time, and the Nasdaq composite was 0.2% lower.

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