The S&P 500 is projected to see higher expected earnings growth for the fourth quarter of 2024, driven primarily by significant contributions from five key sectors. According to FactSet, the banking sector is expected to lead with an impressive 181% growth, followed by semiconductors at 34%, pharmaceuticals at 64%, interactive media and services at 25%, and broadline retail at 48%. Excluding these sectors, the estimated growth rate for the S&P 500 would decline sharply from 12% to just 1.6%. In terms of recent performance, 75% of S&P 500 companies have surpassed earnings per share (EPS) estimates for the third quarter of 2024, matching the 10-year average but falling short of the five-year average of 77%. Additionally, 61% of companies exceeded revenue estimates, which is below both the five-year average of 69% and the ten-year average of 64%. The S&P 500 is reporting year-over-year earnings growth of 5.8% for Q3, surpassing the initial estimate of 4.2%, while revenue growth stands at 5.6%, exceeding the estimate of 4.7%. The forward 12-month price-to-earnings (P/E) ratio for the S&P 500 is currently at 22.0, above both the five-year average of 19.6 and the ten-year average of 18.1.