The S&P 500 is experiencing a strong earnings season for Q3 2024, with 79% of companies reporting positive earnings per share (EPS) surprises, surpassing the 5-year average of 77%. The blended year-over-year earnings growth rate for the index is 3.4%, according to FactSet. Analysts are optimistic about future growth, projecting a 15.1% earnings increase and a 5.9% revenue increase for 2025. The 'Magnificent 7' companies are responsible for nearly all of the Q3 EPS growth. Despite some initial concerns, the majority of earnings reports have exceeded expectations, indicating robust underlying growth for the S&P 500 into 2025. Currently, 14% of S&P 500 companies have reported actual results, and 114 companies are set to report next week. Analysts predict double-digit growth for the 'Magnificent 7' over the next five quarters.