Fear is back on Wall Street

The CBOE Volatility Index, considered the best gauge of fear in the market, closed above its 200-day moving average for the first time since the election this week. The indicator jumped more than 2 percent Thursday afternoon at one point to a fresh high for the year.

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U.S. stocks fell, with the S&P 500 and Dow Jones industrial average closed at two-month lows Thursday.

"I'd say it's probably more of a Trump trade [reversing] than the geopolitics, but going forward I think the geopolitics is the topic the market is focusing on," said Andres Jaime, global FX and rates strategist at Barclays.''