Where Data Tells the Story
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Tariffs are set to rise again, with country-specific duties kicking in next month — yet Wall Street remains firmly unbothered.
Major stock indexes notched new highs last week, fueled in part by a strong start to second-quarter earnings season, with 83% of S&P 500 companies beating expectations so far. And one tailwind helping corporate America’s bottom line is the falling US dollar.
An unintended byproduct of the “T word,” a significant amount of demand for the US dollar has evaporated in the last few months, with the DXY — a weighted average of the USD against six global currencies — down 7%since the start of the year.
Perhaps counterintuitively, a lower dollar translates into higher revenue for companies that do a lot of business overseas. In fact, per Goldman Sachs estimates published Friday, every 10% drop in the dollar translates into roughly 2% to 3% gains for S&P 500 earnings per share.
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