Since the global financial crisis a decade ago, a few simple guidelines have helped investors make sense of the markets.
Global growth and inflation will be perpetually weak. Central banks will help by keeping interest rates low. And stocks will almost invariably rise.
The rule book is now changing, a shift that is sending tremors through the financial markets. The Standard & Poor's 500-stock index fell by more than 4 percent on Monday,
deepening its losses from the previous week and erasing its gains for the year.
The Dow Jones industrial average sank by 4.6 percent. Bond yields, the basis for key borrowing costs such as mortgage rates, have risen fast in recent weeks.
In trading in Asia on Tuesday morning, markets signaled another tough day.
Major stock markets in the region plunged after the drop in the United States on Monday, suggesting the pain could continue.
In Japan, stocks were down more than 5 percent in morning trading, while shares in Hong Kong were down more than 4 percent.
Those sharp moves come as investors digest the growth prospects for the world — and rebalance their views on the relative merits of stashing their cash in risky assets like stocks, safer spots such as government bonds and the myriad investment opportunities offered by a global economy moving in sync.
The world's largest economies are all expanding, as the most important central bank, the United States Federal Reserve, is draining billions of dollars from the financial system and raising interest rates.
And investors are concerned that tenuous signs of inflation could mean central banks around the world will start to remove their support even faster.
It's an interesting complexity for investors to assess. What's good for the economy isn't always good for the markets.
The strong job report last week fueled hopes that wage growth would follow.
But higher wages could lead to higher inflation, creating new challenges for the central bank to manage.
New leadership at the Fed is adding a degree of uncertainty. Jerome H. Powell was sworn in as the 16th chairman of the Federal Reserve on Monday, after the departure of his predecessor,
Janet L. Yellen. The markets do not have a clear understanding of exactly how, if at all, Mr. Powell's views on unemployment and inflation will differ from that of Ms. Yellen.
A rocky patch for the markets could become awkward for President Trump. He has repeatedly claimed
While giving a speech during Monday's sell-off, Mr. Trump made no mention of stocks. Afterward, the White House instead extolled the "long-term economic fundamentals,
which remain exceptionally strong, with strengthening U.S. economic growth, historically low unemployment, and increasing wages for American workers."
Mr. Trump's habit of regularly boasting about stock market surges is a practice other presidents avoided.
They knew that what goes up may go down again, and they did not want to take the blame for market forces beyond their control.
Stocks surged broadly during the president's first year in office. By late January the S.&P. 500 was up 27 percent since Mr.
Trump's inauguration. But the last few days of trading cut those gains to just 17 percent.
"When you get this kind of sell-off, it kind of feeds on itself," said Michael P. Ryan, chief investment officer for the Americas at UBS Wealth Management.
Although the market opened lower on Monday, it actually had climbed into positive territory in the morning.
But the declines snowballed throughout the afternoon. The 4.1 percent drop was the worst for the S.&P. since August 2011.

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