The article examines how stock markets in ASEAN countries and the U.S. were connected before and after the 2008 financial crisis. They looked at stock prices from 2005 to 2007 and from 2010 to 2013. The study found that during the recovery period, the relationships between the markets got stronger, except for China. There was a long-term connection between the markets after the crisis. China had a big impact on all the markets before and after the crisis. The influence of the U.S. on the Philippines and Indonesia decreased during the recovery, shifting towards China instead. This information can help policymakers and investors make decisions about financial interactions and diversifying their portfolios.