Market analysts digesting the numbers from Asia said they did not expect the selling to let up anytime soon. And Europe and the United States looked poised for similar selling. On Tuesday afternoon in Asia, futures that track major New York stock market indexes signaled a drop of about 1 percent.

Wall Street’s so-called fear gauge — known as the VIX index — shot up to its highest level since the summer of 2015, when a market sell-off in China prompted a global sell-off in markets. The index tracks overall market volatility.

Investors have mostly been spooked by concerns about the potential for rising inflation in the United States. Still, the share run-up of recent months has been global, and experts said a number of markets elsewhere were also due for a readjustment.

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This time around, the moves were set off by concerns of rising inflation in the United States. In China, markets were overheated after a steep rise since the start of this year, said David Cui, China equity strategist at Bank of America Merrill Lynch.

“Given how bullish the market has been positioning, there could be a reasonable period of adjustment,” Mr. Cui said, referring to Chinese stocks.

“It’s not going to be a two-day phenomenon,” he added. “If you take a few-months view, there is a chance this is the start of a decent correction.”

For some analysts, the sell-off was expected after stocks in Asia climbed to record highs in some cases.

“This is the beginning of more meaningful setback in a market that was, at least from the nonfinancial sectors, very overvalued and there was a lot of euphoria,” said Jonathan Garner, a global emerging market strategist at Morgan Stanley.

“I don’t think this is a ‘one-day’ that finishes today,” he added.