Newsweek has contacted DOGE for comment via X. Why It Matters. Despite its name, DOGE isn't an official government department but a temporary organization that Musk has said will

Personnel from Elon Musk's government downsizing team called DOGE held what appeared to be their first meetings at the Pentagon on Friday, a U.S. official told Reuters, as senior military officers brace for billions in possible spending cuts.

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.