But that unusual calm in markets may be masking serious concerns about economic growth, according to David Kostin, the chief US equity strategist at Goldman Sachs.
Goldman Sachs"Mixed economic data and uncertainty around banking stress have led the equity market to downgrade its pricing of the US economic growth outlook in recent weeks," Kostin wrote.
Goldman Sachs' GDP estimate (the blue-gray columns) is higher than that of the consensus (the black dots).
Another sector Goldman Sachs is bullish on is energy, even though it's economically sensitive.
Goldman Sachs is also neutral on the following sectors and industries: software & services, financials, consumer discretionary (excluding autos & durables), utilities, real estate, and consumer durables & apparel.