Each percentage point cut to the corporate tax rate could boost S&P 500 earnings by slightly less than 1%, Goldman Sachs estimated.

That’s according to a team of Goldman Sachs strategists led by Guillame Jaisson, who in a note published Friday put numbers on how the incoming U.S. administration will impact activity and profitability across the pond.

Stocks rallied hard on the back of former President Donald Trump's stunning election victory, and the likelihood of a Republican-controlled Congress, but the bond market reaction to the expected Red Sweep suggests further gains on the equity side of the Trump Trade could become increasingly difficult.