Equity markets have made a remarkable comeback over the last month, recovering from significant losses experienced during the first two weeks of April. Despite this impressive rebound, several major Wall Street firms have revised their S&P 500 earnings estimates for 2025 downward. This prompts investors to question whether the current market surge is sustainable or merely a mirage. Vigilance is essential as analysts expect macroeconomic factors to influence future performance. Investors must consider these earnings revisions and the broader economic landscape before diving back into the market. Understanding these dynamics will help in making well-informed investment decisions moving forward.