Apple staff and customers, wearing facemasks to protect against the COVID-19 coronavirus, are seen on the shop premises in Beijing on February 22, 2020.

Earnings growth for U.S. companies will be stagnant in 2020 as a result of the coronavirus, according to Goldman Sachs.

The Wall Street firm revised its earnings estimate for the year to $165 per share from $174 per share, representing 0% growth in 2020. That is a dramatic move from the consensus. Forecasts still expect earnings to climb 7% this year.

"US companies will generate no earnings growth in 2020," Goldman's chief U.S. equity strategist, David Kostin, said in a note to clients Thursday. "We have updated our earnings model to incorporate the likelihood that the virus becomes widespread."

U.S. equities have been in a tailspin this week on fears that the deadly virus will dent global economic growth. The rapid spreading of the virus across multiple continents has caused the Dow Jones Industrial Average to drop more than 8% since Monday. The S&P 500 lost about 8.6% and the Nasdaq fell nearly 2.9% in the same period.

"Our reduced proﬁt forecasts reﬂect the severe decline in Chinese economic activity in 1Q, lower end-demand for US exporters, disruption to the supply chain for many US ﬁrms, a slowdown in US economic activity, and elevated business uncertainty," said Kostin.