Citadel Securities Turns Bullish on US Stocks Citing Strong Q4 Inflows and Seasonality

Citadel Securities has adopted a constructive outlook on US equities for the fourth quarter following a September pullback that reset leverage and sentiment. Equity strategist Scott Rubner cited tailwinds including historical midterm-year seasonality, projected 27% year-over-year Q3 earnings growth, and the reopening of corporate buyback windows. The S&P 500 forward price-to-earnings multiple has contracted to 19 times, matching its 10-year average. Additionally, corporate share repurchases begin reopening October 15, with over 50% of the index by weight eligible to buy back stock by November 1, alongside expected retail and systematic fund re-engagement.