A little over half of the S&P 500 reported earnings for calendar Q3-23 in October. Bottom-up operating EPS estimates for the quarter have remained basically flat since May. This is a positive development given the proclivity of EPS estimates to erode over time. We should note, however, that longer term, the decline in estimates for Q3 has been well above average—diminishing by 14% since April of 2022. If there will be another reporting window pop in EPS estimates for Q3 like we saw for Q1 and Q2, it will have to come in November.