An upside surprise for stocks is brewing as historical trends show the S&P 500 is on track to buck analysts’ gloomy forecasts, DataTrek says

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Lucas Jackson/Reuters An upside surprise in the stock market is brewing as Wall Street analysts cut their third-quarter S&P 500 earnings estimates.Analysts have cut their aggregate Q3 S&P 500 earnings estimates to $48.93 per share from $49.30 per share despite seasonal data suggesting growth."We can't think of a time when analysts have so seriously underestimated US corporate earnings power," DataTrek said.Sign up here for our daily newsletter, 10 Things Before the Opening Bell.An upside surprise in the stock market could take hold as Wall Street analysts cut their earnings estimates despite strong seasonal trends, DataTrek said in a Monday note.Over the past month, third-quarter earnings estimates for the S&P 500 have fallen to $48.93 per share from $49.30 per share, according to data from FactSet. That's 7% below the S&P 500's actual Q2 earnings results of $52.80 per share.The drop in S&P 500 earnings estimates is surprising due to seasonal tr
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