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The 701,000 US jobs lost during the March period snapped a 113-quarter streak of additions dating back to 2010.
Declines across the energy, consumer discretionary, and industrial sectors will most-significantly weigh on the broad index, Goldman said.
"Even after the health crisis has peaked, the economic ramifications are set to continue to be a drag on risk assets,"said Han Tan of FXTM.
Oil surged as much as 35% on Thursday, leading a sharp rally in energy stocks that lifted the entire market.
Bank of America slashes its S&P 500 price target by 16% to the lowest on Wall Street, cites ‘deepest post-war recession’ on record
Still, "panic selling is a recipe for losing money: the best days typically follow the worst days," said Savita Subramanian of Bank of America.
Dow plunges 974 points after Trump warns of ‘painful’ times to come and a ‘shocking’ coronavirus death toll
Investors were rattled by Trump telling Americans to brace for a "very, very painful two weeks" during an address on Tuesday.
Dow slumps 800 points after Trump warns of ‘painful’ times to come and a ‘shocking’ coronavirus death toll
Trump told Americans to brace for a "very, very painful two weeks," adding, "this is going to be three weeks like we've never seen before."
Fears of a widespread coronavirus-led economic slowdown have taken a massive bite out of stock prices over the past six weeks.
Major banks have slashed GDP forecasts as spiking unemployment and mounting virus cases punts an economic recovery further into 2020.
US stocks extended gains from a rally last week as Johnson & Johnson and Abbott Labs served as bright spots for investors.