https://www.investmentwatchblog.com/the-sp-500-has-recovered-from-an-intraday-loss-of-more-than-3-98-only-three-times-since-hlc-data-began-in-1977/
The S&P 500 has recovered from an intraday loss of more than 3.98% only three times (since HLC data began in 1977):