Goldman Sachs says the market is pricing in the availability of a coronavirus vaccine as early as this year or early in 2021.

"Vaccine optimism has risen in recent months," the note from Goldman analysts led by Guillaume Jaisson said. "Conversations we are having with clients suggest that this is relatively well priced by the market as a whole: (1) a vaccine approval by the end of 2020 or early 2021 and (2) a gradual economic recovery in 2021 as the vaccine becomes available."