Ranking the Ten Largest One-Day Drops in the S&P 500 Since 1923
The piece ranks the ten biggest single-day percentage declines of the S&P 500, with Black Monday 1987 topping the list.
Using close-to-close percentage changes compiled by S&P Dow Jones Indices, the article ranks the ten most severe one-day falls of the S&P 500 from 1923 onward. Black Monday on October 19, 1987 saw the index tumble 20.47%, remaining the record despite a larger percentage loss on the 1914 NYSE reopening in some calculations. The list is dominated by four tumultuous periods—1929’s Great Depression crash, the 1987 crash, the 2008 financial crisis, and the COVID-19 market collapse of 2020, which produced the third-worst day at 11.98% on March 16.
Earlier drops include several 1929 dates, a 1937 recession dip, and the 2008 banking crisis losses. The article notes that no day since March 2020 has entered the top-20, and the worst day of 2025 fell far short of historic levels. Liquidity actions by the Federal Reserve and trading halts are mentioned as responses to the biggest crashes.
Why it matters
Knowing the worst market crashes helps investors assess risk and prepare for future financial shocks.
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