The S&P 500 Index ($SPX) has reported a year-over-year earnings growth of 5.4% for the third quarter of 2024, surpassing the previous estimate of 4.2% as of September 30. Additionally, the index has achieved a year-over-year revenue growth of 5.5%, exceeding the earlier estimate of 4.7%. Despite these positive results, only 75% of S&P 500 companies have beaten earnings per share (EPS) estimates for Q3, which is below the five-year average of 77% but matches the ten-year average. Revenue estimates have been beaten by 61% of companies, falling short of both the five-year average of 69% and the ten-year average of 64%. The forward 12-month price-to-earnings (P/E) ratio for the S&P 500 stands at 22.0, above the five-year average of 19.6 and the ten-year average of 18.1. The trailing 12-month P/E ratio is reported at 28.1, also higher than the five-year average of 24.0 and the ten-year average of 21.8. In a broader context, the U.S. now accounts for 74% of the MSCI world market capitalization, marking a new all-time high.