Tim Cook, chief executive officer of Apple Inc., listens during an American Workforce Policy Advisory board meeting with U.S. President Donald Trump, not pictured, in the State Dining Room of the White House in Washington, D.C., U.S., on Wednesday, March 6, 2019.

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Apple has led a rebound in this market off the March lows as investors bet iPhone sales can bounce back quickly once the recession stemming from the pandemic passes. Goldman Sachs isn't counting on that to happen.