Goldman Sachs cut the US Industrials and Energy sectors to "neutral" from "overweight," as it expects a slow growth in economic indicators. However, the firm raised the Telecom Services sector to "overweight" from "underweight" and the Consumer Staples sector to 200 basis points from 100 basis points "overweight".
The firm, which has a neutral rating on the Industrials, said its economists expect consensus gross domestic product estimates to decline.