Earnings per share (EPS) estimates are following a normal path ahead of the third-quarter reporting period, with 2025 profit forecasts still rising. Notably, 54% of S&P 500 ($SPX) companies have issued negative EPS guidance for Q3 2024, which is below the 5-year average of 59% and the 10-year average of 63%, according to FactSet. Analysts have decreased Q3 EPS estimates for S&P 500 companies by 3.0% since June 30, which is below the 5-year and 10-year averages of a 3.3% decrease for a quarter. The S&P 500 is expected to report year-over-year earnings growth of 4.9% for Q3 2024, down from the 7.8% estimate on June 30. Despite these adjustments, the market has returned to all-time highs.