Explainer: What led to the US stock market rout and how will it affect Asian markets?

The index, which comprises 500 of the largest companies in the United States and is generally considered a good barometer of how the country’s stocks are performing, is now down more than 20 per cent from its most recent record closing high on Jan 3.

The plunge in the US stock market has also had a ripple effect on Asian shares, which slid sharply on Tuesday. The S&P 500 surged some 114 per cent from its March 2020 low as stocks benefited from emergency policies put in place to help stabilize the US economy in the wake of the Covid-19 pandemic. The financial company S&P Global, which introduced the eponymous index, said on its website that many US corporations have a global presence, with assets and revenues in or from foreign countries.

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