It shows end of the day, whatever that is. I assume the end of the day uses some reference time zone. Otherwise if you changed to a different time zone, the entire graph would need to be recalculated.
Lichess, for example, has a day based on GMT, I believe. I've not notices on chess-com.

what about this though because it doesn't display a rating drop
So, when looking at my rating graph on my profile, it doesn't show the true rating changes. For example, yesterday I dropped from 2072 to 2044, but it doesn't show that, it just shows my rating ent from 2072 to 2073. Why is this?