A chart showing the S&P 500 intraday trading range, defined as the percentage difference between the high and low values of the day, from Jan. 3, 1978, to April 8, 2025. Over that time period, the trading range exceeded 7% on two or more consecutive days on five occasions, each associated with significant market downturns: the 1987 Black Monday crash, the 1997 Asian financial crisis, the 2008 global financial crisis, the 2020 COVID pandemic and the 2025 tariffs.