ATLANTA (CNN) -- Asian and Pacific stock markets tumbled in early trading Tuesday after the U.S. House of Representatives failed to adopt a $700 billion bailout measure, triggering a huge drop in U.S. stocks.

Japan's Nikkei Index was down nearly 550 points - or 4.6% - at 11,199.02, two hours into the trading session. The Australian Securities Exchange was down nearly 150 points - or 3.8% - to 4,560.9.

The Hang Seng index in Hong Kong opened more than 5% lower. (See world markets)

In the United States on Monday, the Dow Jones industrial average closed down almost 778 points - just under 7%. Other leading indexes were down more: The S&P 500 and the Nasdaq both dropped roughly 9%.

The day's loss in the United States knocked out approximately $1.2 trillion in market value, the first $1 trillion-plus day ever, based on the change in the Dow Jones Wilshire 5000, the broadest measure of the U.S. stock market.

The next steps for the U.S. bailout bill were unclear. The abrupt defeat on Monday left the Bush administration and congressional leaders scrambling to figure out whether to renegotiate the bill and introduce it again as soon as Thursday or to try other options.