S&P 500 earnings are expected to increase 11.1% overall in 2024 after rising a modest 3.1% last year, according to analysts' estimates compiled by LSEG. However, earnings growth needs to be strong enough to support current high stock valuations. The S&P 500 is trading at 19.8 times forward earnings estimates, above its long-term average of 15.6 times. Among the risks in 2024 are the lingering effects of higher interest rates on the economy and corporate earnings.