As of March 21, 2024, LSEG data shows that the S&P 500’s earnings per share (EPS) growth for Q4 2024 has jumped to 17.1% year-over-year. This marks a significant increase from the 9.5% projected in early January 2025. Analysts and strategists may appear conservative with their bottom-up EPS estimates for the S&P 500 in the coming months. This caution stems from the recent strong performance of the market. However, potential contractionary forces like tariff issues, budget deficits, and risks associated with cryptocurrencies like DOGE could negatively impact US GDP growth over the next 12 to 24 months. Investors should remain vigilant and assess how these factors could influence earnings going forward.