Analysts have significantly lowered their Q3 earnings estimates for S&P 500 companies, with a 3.9% decline in bottom-up EPS estimates, exceeding both the 5-year and 10-year averages of -3.3%. This trend was observed across nine of the eleven sectors, with the Energy sector experiencing the most significant drop at nearly -20%. Despite the decline in EPS estimates, the S&P 500 price increased by 5.5% during the same period. The Industrials and Financials sectors, however, still show resilience. The Tech sector is projected to see fewer positive earnings surprises in Q3.