Analysts expect S&P 500 earnings to increase by approximately 17% in 2025, according to projections from FactSet. However, recent trends indicate a decline in earnings estimates for the fourth quarter of 2024. Specifically, Wall Street analysts have reduced their aggregate earnings estimate for S&P 500 companies by 2.5% since the beginning of the quarter, reflecting a typical intra-quarter revision trend observed since the first quarter of 2022, which averages a decline of 2.7%. This downward adjustment in earnings estimates has occurred across nine out of eleven sectors. Despite the lowered earnings expectations, the S&P 500 index has seen a price increase of 4.7% during the months of October and November.