And just like that, it’s back to ‘fear’ from ‘greed’ on Wednesday, the gravitational pull of fear dominates.

All major indices are in the red, as the “fear gauge” (Volatility Index (VIX)) surges abruptly.

Almost all sectors are down for the count. 

New orders for U.S manufactured goods in June fell -3.3% m/m to $564.2B, missing estimates of -2.9%. The surprise was largely due to transportation equipment, which fell -20.6% m/m to $75.79B. The disappointing number is adding more fear to the already frightened market.

Other notable changes:

• Primary metals fell -0.3%
• Non-durable goods fell -0.1%
• Machinery rose 1.5%
• Computers and electronics rose 0.6%