Group 1 - The core viewpoint of the report indicates that the S&P 500 is expected to see a revenue growth of 5.1% and an earnings growth of 14.8% for Q4 2024, with performance exceeding expectations but showing a decline in momentum [1] - The financial sector is identified as the main driver of performance, with strong contributions from technology and pharmaceuticals, while cyclical and consumer sectors show mixed results [2] - The report highlights that 498 companies in the S&P 500 have reported earnings, with a slight decline in revenue growth rate by 0.3 percentage points to 5.1%, while earnings growth improved by 5.5 percentage points to 14.8% [1][2] Group 2 - The financial sector leads with a 28.0% year-on-year earnings growth, benefiting from property sales and demand for data centers, while banks and financial services show strong performance due to a recovery in investment banking and cost-cutting measures [2] - In the technology sector, semiconductor and media entertainment companies continue to see earnings growth supported by AI technology, although software and hardware growth is slowing [2] - The outlook for 2025 suggests a decline in S&P 500 earnings growth to 9.9%, influenced by high base effects from Q4 2024 and downward revisions in expectations across most sectors, particularly in resource, industrial, and consumer sectors [3]

Core Viewpoint - The overall performance of the S&P 500 in Q4 2024 showed revenue growth of 5.1% and earnings growth of 14.8%, exceeding expectations but with a slowdown in momentum [1][2][23]. Group 1: Overall Performance - As of March 24, 2025, 498 companies in the S&P 500 have reported Q4 2024 results, with revenue growth of 5.1%, a decrease of 0.3 percentage points from the previous quarter, and earnings growth of 14.8%, an increase of 5.5 percentage points from the previous quarter [2][10]. - Excluding the seven largest companies, the earnings growth rate for the S&P 500 was 9.9%, a significant improvement from 4.1% in the previous quarter, driven mainly by leading constituents [2][10]. - The proportion of companies reporting revenue below expectations increased by 1 percentage point to 12%, indicating a weakening momentum in exceeding expectations [2][10]. Group 2: Sector Performance - Over half of the sectors reported earnings growth above expectations, particularly in communication services, consumer discretionary, and financials, with earnings growth rates of 30.4%, 28.0%, and 28.0% respectively [10][18]. - Revenue growth was led by information technology, healthcare, and communication services, with growth rates of 12.0%, 9.1%, and 7.5% respectively, while industrials, materials, and energy sectors faced revenue declines [10][18]. - The financial sector performed best, with real estate development and management companies seeing accelerated earnings growth due to rising property sales [18][32]. Group 3: Future Outlook - For 2025, the consensus forecast for S&P 500 earnings growth is 9.9%, down from 11.2% in 2024, primarily due to downward revisions in the performance expectations of major companies [23][32]. - The earnings outlook for 2025 has been downgraded, with expectations for a recovery in the second half of the year rather than the first half, driven mainly by the largest companies [32][23]. - The financial sector is the only one with a positive outlook due to expectations of regulatory easing, while other sectors are experiencing varying degrees of downward revisions in their performance expectations [32][23].