📉 Falling Dollar Powers U.S. Multinational Stocks — Recent Data Highlights

According to Goldman Sachs, U.S. dollar weakness continues to significantly support American-listed companies with substantial overseas revenue. Their index of such firms has appreciated around +11% YTD in 2025, compared to just +4% for domestically focused companies.

The U.S. Dollar Index (DXY) has fallen nearly 9–10% year‑to‑date—dropping from approximately 109 in January to 98.6 as of July 16, 2025. This decline amplifies earnings from foreign markets when converted back to USD.

Goldman’s top-50 list includes 13 companies with over 80% of sales outside the U.S.—notably Las Vegas Sands, Philip Morris, Newmont, and Booking Holdings (90% international revenue), underscoring their current stock outperformance.