To be blamed on

[olegv]

Please explain the meaning of can be blamed on the market in the sentence below



The poor year-to-date performance among U.S.-based companies—so far this year, 63% of the 76 new listings are underwater, according to data tracker Dealogic—can be blamed primarily on the overall stock market, which itself has been sinking for the past two months.


Thank you

[bhaisahab]

Please explain the meaning of can be blamed on the market in the sentence below



The poor year-to-date performance among U.S.-based companies—so far this year, 63% of the 76 new listings are underwater, according to data tracker Dealogic—can be blamed primarily on the overall stock market, which itself has been sinking for the past two months.


Thank you

"The main reason for the poor performance is the sinking stock market".