Wall Street analysts have reduced their Q3 S&P 500 earnings estimates by 2.8% during the first two months of the quarter. Despite the cut, experts believe this is not a cause for concern and could lead to a better Q3 earnings season compared to Q2. Historical data indicates that Wall Street analyst estimates can be 30% too high at their peak, which some strategists argue may be the case now. However, the consensus is that earnings resilience is expected into 2025, with modest sequential growth over the next 18 months. Additionally, lower interest rates provide a reason to remain optimistic about the market's performance.