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(Bloomberg) — The biggest U.S. companies will slash their cash spending this year amid the uncertainty of the coronavirus pandemic, according to Goldman Sachs Group Inc.

“We forecast S&P 500 cash spending will decline by an annual record 33% during 2020 as firms prioritize liquidity in a worsening economic environment,” strategists led by David Kostin wrote in a note Friday. He continues to expect a big decline in earnings per share for the first and second quarters. He noted that “most investors are already looking ahead to 2021 EPS.”

The impact of the coronavirus pandemic fueled a drop of as much as 34% on the S&P 500 from its record high Feb. 19 through March 23. But it has rallied 28% since

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