The S&P 500 Level To Watch Is 2800 – Part 2

The sell-off in U.S. stocks may get uglier as President Donald Trump’s trade war escalates at a time when the market is far from cheap, RBC Capital Markets says.A 10% correction of the S&P 500 Index from its April peak to 2,650 is becoming more likely, according to strategist Lori Calvasina. The equity gauge is about 4% above that level. Investors should take a more defensive stance, with the firm upgrading utility shares, while cutting its recommendation on commodity producers, she said in a note to clients Friday.Should the index retreat to 2,650, that would erase half the gains from

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