As of early January 2025, 106 S&P 500 companies have provided quarterly earnings per share (EPS) guidance for the fourth quarter. Among these, 71 companies issued negative EPS guidance, while 35 reported positive guidance. This number of companies issuing negative guidance exceeds both the five-year average of 56 and the ten-year average of 62. Analysts have also noted that Wall Street has cut its aggregate Q4 earnings estimate for the S&P 500 by 2.7% during the quarter, which is less than the longer-run average decline of 3.5%. Additionally, nine of the eleven sectors within the S&P 500 experienced a decrease in Q4 EPS estimates, with the Energy and Materials sectors leading the declines. Despite the reduction in EPS estimates, the S&P 500 price increased by 2.1% during the same period.