[Citadel Securities: Forces Driving U.S. Stock Market to Record Highs Remain Solid] BlockBeats News, August 4, Citadel Securities stated that after speculative trading by retail investors cooled down, the forces driving the U.S. stock market to record highs this year remain 'solidly in place.' Scott Rubner, Head of Equities and Equity Derivatives Strategy at Citadel Securities, wrote: 'The market is transitioning from an environment driven by capital flows to one increasingly determined by earnings, corporate demand, and the macroeconomic backdrop.' According to data from Citadel Securities, the retreat of retail investors has led to a 28% decline in leveraged ETF assets, down to $154 billion. Meanwhile, the decline in financing costs for equity positions indicates reduced pressure on Wall Street trading desks and a decreased demand for leveraged capital. A recent series of strong earnings performances continues to benefit the U.S. stock market, as companies have successfully exceeded what were already elevated market expectations. 'Earnings continue to deliver upside surprises, valuations have become more attractive, and with the end of the earnings blackout period, corporate buyback demand is expected to accelerate.'