August 5
August 5, 2024, marked a severe global stock market selloff, characterized by the largest single-day percentage decline in Japan's Nikkei 225 index since 1987 and sharp drops across major U.S. indices, driven primarily by the rapid unwinding of leveraged yen carry trades following the Bank of Japan's interest rate hike and amplified by weak U.S. employment data signaling potential economic slowdown.[1][2] The event unfolded amid a fragile market environment, where the Nikkei plunged 12.4% to close at 31,458.42, erasing gains accumulated earlier in the year, while South Korea's Kospi fell nearly 9%.[3] In the United States, the Dow Jones Industrial Average shed over 1,000 points (2.6%) to 38,703.27, the S&P 500 declined 3% , and the Nasdaq Composite dropped 3.4% to 16,200.08, reflecting broad-based losses in technology and growth stocks.[4][5] Volatility surged dramatically, with the CBOE Volatility Index (VIX) posting its largest intraday increase on record and closing at its highest level since October 2020, as investors rushed to hedge against further downside risks.[6] Contributing factors included the Bank of Japan's unexpected rate adjustment, which strengthened the yen and forced the liquidation of carry trades—positions funded by low-yield Japanese borrowing to invest in higher-return assets abroad—and a U.S. July jobs report showing slower hiring and higher unemployment, raising concerns that the Federal Reserve had delayed rate cuts excessively amid cooling inflation.[7][8] The selloff erased approximately $6.4 trillion in global equity value over the prior days, though markets partially rebounded the following day as dip-buying emerged, underscoring the episode's nature as a liquidity-driven panic rather than a fundamental shift.[3][9] This "Black Monday" redux highlighted vulnerabilities in interconnected leveraged strategies and prompted debates on central bank policy timing, though empirical data indicated no immediate recession confirmation.Events
Pre-1600
On August 5, 642 (alternatively dated to 641 by some sources), the Battle of Maserfield pitted King Oswald of Northumbria against King Penda of Mercia, resulting in a Mercian victory and Oswald's death on the battlefield; Penda reportedly dismembered Oswald's body, with his head and limbs later venerated as relics by Christians.[10][11] On August 5, 1305, Scottish resistance leader William Wallace was captured near Glasgow by forces loyal to King Edward I of England, led by Sir John de Menteith; Wallace was betrayed by Scottish nobles aligned with the English and subsequently tried for treason in London, where he was executed by hanging, drawing, and quartering on August 23.[12] On August 5, 1583, English explorer Sir Humphrey Gilbert formally claimed Newfoundland for England by planting the royal standard at what is now St. John's, establishing the first English colony in North America during his expedition sponsored by Queen Elizabeth I; Gilbert's venture aimed to secure fishing rights and a potential northwest passage but ended tragically with his death at sea during the return voyage.[13]1601–1900
- 1620 – The Mayflower and accompanying Speedwell departed Southampton, England, marking the first attempt by Puritan settlers to reach North America under a patent for the Virginia Company; the Speedwell leaked, forcing a return and eventual solo voyage by the Mayflower.[14]
- 1666 – On the second day of the St. James's Day Battle off North Foreland during the Second Anglo-Dutch War, the English fleet under Prince Rupert and the Duke of Albemarle defeated the Dutch under Michiel de Ruyter, capturing or destroying 10 Dutch ships while losing none, though the Dutch fleet escaped intact.[15]
- 1689 – Approximately 1,500 Mohawk warriors from the Iroquois Confederacy launched a surprise attack on the Lachine settlement near Montreal in New France, killing about 70 inhabitants, taking 280 captive, and destroying 56 houses amid ongoing Beaver Wars conflicts.[16]
- 1716 – Habsburg forces under Prince Eugene of Savoy decisively defeated an Ottoman army led by Grand Vizier Damat Ali at the Battle of Petrovaradin, killing the vizier and inflicting heavy casualties (up to 20,000 Ottoman dead), bolstering Habsburg momentum in the Austro-Turkish War.[17]
- 1772 – Russia, Prussia, and Austria signed the treaty for the First Partition of Poland, annexing territories comprising about one-third of Poland's land and half its population, ratified later by the Polish Sejm under Russian pressure.[18]
- 1861 – President Abraham Lincoln signed the Revenue Act, imposing the first U.S. federal income tax—a flat 3% on annual incomes over $800—to finance the Civil War, alongside excise taxes and import duties.[19]
- 1858 – The first transatlantic telegraph cable was successfully laid between Valentia Island, Ireland, and Trinity Bay, Newfoundland, by ships HMS Agamemnon and USS Niagara, enabling initial message transmission before failing after three weeks due to insulation breakdown.[20]
- 1864 – Union Admiral David Farragut's fleet captured Mobile Bay, Alabama, in a decisive Civil War naval victory, famously ordering "Damn the torpedoes, full speed ahead" after the ironclad USS Tecumseh sank to mines; this sealed the last major Confederate port on the Gulf Coast.[21]
- 1884 – The cornerstone of the pedestal for the Statue of Liberty was laid on Bedloe's Island (now Liberty Island) in New York Harbor by Freemason Grand Master William A. Brodie, using Connecticut granite, as part of preparations for the monument gifted by France.[22]
1901–present
On August 5, 1914, the Battle of Liège commenced as German forces initiated a major assault on Belgian fortifications, marking the first significant engagement of World War I and delaying the German advance into France.[23] In 1936, American athlete Jesse Owens secured the gold medal in the 200-meter race at the Berlin Olympics, establishing a world record of 20.7 seconds amid the Nazi regime's promotion of Aryan supremacy.[23] On August 5, 1962, Nelson Mandela was arrested near Howick, South Africa, by security forces for his anti-apartheid activities, leading to his 27-year imprisonment.[23][24] The Partial Nuclear Test Ban Treaty was signed on August 5, 1963, in Moscow by representatives of the United States, the United Kingdom, and the Soviet Union, prohibiting nuclear weapons tests in the atmosphere, outer space, and underwater while permitting underground testing.[24] President Richard Nixon released a White House transcript on August 5, 1974, revealing that his chief of staff H. R. Haldeman had advised a cover-up of the Watergate break-in, contributing to the scandal's escalation and Nixon's eventual resignation four days later.[23] On August 5, 1981, President Ronald Reagan dismissed 11,345 members of the Professional Air Traffic Controllers Organization (PATCO) for participating in an illegal strike, effectively dismantling the union and setting a precedent for federal labor policy.[23] Croatian forces initiated Operation Storm on August 5, 1995, recapturing the self-proclaimed Republic of Serbian Krajina and much of western Slavonia from rebel Serb control, which accelerated the end of the Croatian War of Independence with over 150,000 Serbs fleeing the region.[23] Jamaican sprinter Usain Bolt won the men's 100-meter final at the London Olympics on August 5, 2012, in a world-record time of 9.63 seconds, solidifying his status as the fastest man in history at that point.[23] The Indian government, through a presidential order and parliamentary resolution, revoked Article 370 of the Constitution on August 5, 2019, thereby removing the special autonomous status of Jammu and Kashmir, bifurcating the state into two union territories, and extending full constitutional provisions to the region.[25][26]Births
Pre-1600
On August 5, 642 (alternatively dated to 641 by some sources), the Battle of Maserfield pitted King Oswald of Northumbria against King Penda of Mercia, resulting in a Mercian victory and Oswald's death on the battlefield; Penda reportedly dismembered Oswald's body, with his head and limbs later venerated as relics by Christians.[10][11] On August 5, 1305, Scottish resistance leader William Wallace was captured near Glasgow by forces loyal to King Edward I of England, led by Sir John de Menteith; Wallace was betrayed by Scottish nobles aligned with the English and subsequently tried for treason in London, where he was executed by hanging, drawing, and quartering on August 23.[12] On August 5, 1583, English explorer Sir Humphrey Gilbert formally claimed Newfoundland for England by planting the royal standard at what is now St. John's, establishing the first English colony in North America during his expedition sponsored by Queen Elizabeth I; Gilbert's venture aimed to secure fishing rights and a potential northwest passage but ended tragically with his death at sea during the return voyage.[13]1601–1900
- 1620 – The Mayflower and accompanying Speedwell departed Southampton, England, marking the first attempt by Puritan settlers to reach North America under a patent for the Virginia Company; the Speedwell leaked, forcing a return and eventual solo voyage by the Mayflower.[14]
- 1666 – On the second day of the St. James's Day Battle off North Foreland during the Second Anglo-Dutch War, the English fleet under Prince Rupert and the Duke of Albemarle defeated the Dutch under Michiel de Ruyter, capturing or destroying 10 Dutch ships while losing none, though the Dutch fleet escaped intact.[15]
- 1689 – Approximately 1,500 Mohawk warriors from the Iroquois Confederacy launched a surprise attack on the Lachine settlement near Montreal in New France, killing about 70 inhabitants, taking 280 captive, and destroying 56 houses amid ongoing Beaver Wars conflicts.[16]
- 1716 – Habsburg forces under Prince Eugene of Savoy decisively defeated an Ottoman army led by Grand Vizier Damat Ali at the Battle of Petrovaradin, killing the vizier and inflicting heavy casualties (up to 20,000 Ottoman dead), bolstering Habsburg momentum in the Austro-Turkish War.[17]
- 1772 – Russia, Prussia, and Austria signed the treaty for the First Partition of Poland, annexing territories comprising about one-third of Poland's land and half its population, ratified later by the Polish Sejm under Russian pressure.[18]
- 1861 – President Abraham Lincoln signed the Revenue Act, imposing the first U.S. federal income tax—a flat 3% on annual incomes over $800—to finance the Civil War, alongside excise taxes and import duties.[19]
- 1858 – The first transatlantic telegraph cable was successfully laid between Valentia Island, Ireland, and Trinity Bay, Newfoundland, by ships HMS Agamemnon and USS Niagara, enabling initial message transmission before failing after three weeks due to insulation breakdown.[20]
- 1864 – Union Admiral David Farragut's fleet captured Mobile Bay, Alabama, in a decisive Civil War naval victory, famously ordering "Damn the torpedoes, full speed ahead" after the ironclad USS Tecumseh sank to mines; this sealed the last major Confederate port on the Gulf Coast.[21]
- 1884 – The cornerstone of the pedestal for the Statue of Liberty was laid on Bedloe's Island (now Liberty Island) in New York Harbor by Freemason Grand Master William A. Brodie, using Connecticut granite, as part of preparations for the monument gifted by France.[22]
1901–present
On August 5, 1914, the Battle of Liège commenced as German forces initiated a major assault on Belgian fortifications, marking the first significant engagement of World War I and delaying the German advance into France.[23] In 1936, American athlete Jesse Owens secured the gold medal in the 200-meter race at the Berlin Olympics, establishing a world record of 20.7 seconds amid the Nazi regime's promotion of Aryan supremacy.[23] On August 5, 1962, Nelson Mandela was arrested near Howick, South Africa, by security forces for his anti-apartheid activities, leading to his 27-year imprisonment.[23][24] The Partial Nuclear Test Ban Treaty was signed on August 5, 1963, in Moscow by representatives of the United States, the United Kingdom, and the Soviet Union, prohibiting nuclear weapons tests in the atmosphere, outer space, and underwater while permitting underground testing.[24] President Richard Nixon released a White House transcript on August 5, 1974, revealing that his chief of staff H. R. Haldeman had advised a cover-up of the Watergate break-in, contributing to the scandal's escalation and Nixon's eventual resignation four days later.[23] On August 5, 1981, President Ronald Reagan dismissed 11,345 members of the Professional Air Traffic Controllers Organization (PATCO) for participating in an illegal strike, effectively dismantling the union and setting a precedent for federal labor policy.[23] Croatian forces initiated Operation Storm on August 5, 1995, recapturing the self-proclaimed Republic of Serbian Krajina and much of western Slavonia from rebel Serb control, which accelerated the end of the Croatian War of Independence with over 150,000 Serbs fleeing the region.[23] Jamaican sprinter Usain Bolt won the men's 100-meter final at the London Olympics on August 5, 2012, in a world-record time of 9.63 seconds, solidifying his status as the fastest man in history at that point.[23] The Indian government, through a presidential order and parliamentary resolution, revoked Article 370 of the Constitution on August 5, 2019, thereby removing the special autonomous status of Jammu and Kashmir, bifurcating the state into two union territories, and extending full constitutional provisions to the region.[25][26]Deaths
Pre-1600
On August 5, 642 (alternatively dated to 641 by some sources), the Battle of Maserfield pitted King Oswald of Northumbria against King Penda of Mercia, resulting in a Mercian victory and Oswald's death on the battlefield; Penda reportedly dismembered Oswald's body, with his head and limbs later venerated as relics by Christians.[10][11] On August 5, 1305, Scottish resistance leader William Wallace was captured near Glasgow by forces loyal to King Edward I of England, led by Sir John de Menteith; Wallace was betrayed by Scottish nobles aligned with the English and subsequently tried for treason in London, where he was executed by hanging, drawing, and quartering on August 23.[12] On August 5, 1583, English explorer Sir Humphrey Gilbert formally claimed Newfoundland for England by planting the royal standard at what is now St. John's, establishing the first English colony in North America during his expedition sponsored by Queen Elizabeth I; Gilbert's venture aimed to secure fishing rights and a potential northwest passage but ended tragically with his death at sea during the return voyage.[13]1601–1900
- 1620 – The Mayflower and accompanying Speedwell departed Southampton, England, marking the first attempt by Puritan settlers to reach North America under a patent for the Virginia Company; the Speedwell leaked, forcing a return and eventual solo voyage by the Mayflower.[14]
- 1666 – On the second day of the St. James's Day Battle off North Foreland during the Second Anglo-Dutch War, the English fleet under Prince Rupert and the Duke of Albemarle defeated the Dutch under Michiel de Ruyter, capturing or destroying 10 Dutch ships while losing none, though the Dutch fleet escaped intact.[15]
- 1689 – Approximately 1,500 Mohawk warriors from the Iroquois Confederacy launched a surprise attack on the Lachine settlement near Montreal in New France, killing about 70 inhabitants, taking 280 captive, and destroying 56 houses amid ongoing Beaver Wars conflicts.[16]
- 1716 – Habsburg forces under Prince Eugene of Savoy decisively defeated an Ottoman army led by Grand Vizier Damat Ali at the Battle of Petrovaradin, killing the vizier and inflicting heavy casualties (up to 20,000 Ottoman dead), bolstering Habsburg momentum in the Austro-Turkish War.[17]
- 1772 – Russia, Prussia, and Austria signed the treaty for the First Partition of Poland, annexing territories comprising about one-third of Poland's land and half its population, ratified later by the Polish Sejm under Russian pressure.[18]
- 1861 – President Abraham Lincoln signed the Revenue Act, imposing the first U.S. federal income tax—a flat 3% on annual incomes over $800—to finance the Civil War, alongside excise taxes and import duties.[19]
- 1858 – The first transatlantic telegraph cable was successfully laid between Valentia Island, Ireland, and Trinity Bay, Newfoundland, by ships HMS Agamemnon and USS Niagara, enabling initial message transmission before failing after three weeks due to insulation breakdown.[20]
- 1864 – Union Admiral David Farragut's fleet captured Mobile Bay, Alabama, in a decisive Civil War naval victory, famously ordering "Damn the torpedoes, full speed ahead" after the ironclad USS Tecumseh sank to mines; this sealed the last major Confederate port on the Gulf Coast.[21]
- 1884 – The cornerstone of the pedestal for the Statue of Liberty was laid on Bedloe's Island (now Liberty Island) in New York Harbor by Freemason Grand Master William A. Brodie, using Connecticut granite, as part of preparations for the monument gifted by France.[22]