That could be hugely bearish, since the bull market in recent years was largely built on expanding profit margins. Holding everything else constant, the S&P 500 would have to drop 38% if its operating profit margin were no higher than its trailing 30-year average (7.

Elon Musk has emerged as a key figure in President Trump's plans to reshape the government. Here's a recap of this week with the Department of Government Efficiency (DOGE) team he leads.