The CEO of State Street Global Advisors (SSGA) anticipates continued strong performance for US stocks in 2024, citing the financial strength of big tech companies and investor-friendly policies under a potential second Donald Trump presidency. While acknowledging potential market volatility, Hung believes Trump's agenda of tax cuts and deregulation will benefit investors, and SSGA is preparing for a range of scenarios. The firm, known for passive index-tracking funds, sees the continued growth of big tech fueled by investments in AI and quantum computing as a key driver of US stock market outperformance. SSGA is also launching a new ETF offering European investors access to Saudi government bonds, highlighting Saudi Arabia's economic diversification efforts.
U.S. stocks look set to extend their outperformance this year driven by the financial firepower of big tech firms and investor friendly policies under a second Donald Trump presidency, the CEO of State Street’s asset management arm said on Wednesday.
“You have the advent of all these new technologies whether it is AI, quantum computing... The earnings adjustments they’ve made as a result of it suggest that that level of exceptionalism has a good chance of continuing,” Hung said. State Street said that Saudi Arabia’s sovereign wealth Public Investment Fund would invest $200 million in the ETF.
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