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FIThe US dollar, which has had its worst start to the year in two decades, is dividing the stock market, with multinationals and exporters outshining companies more geared to America's domestic economy.
A Goldman Sachs index of the 50 blue-chip US companies with the highest share of foreign sales exposure has jumped 21% this year, with stocks such as Meta Platforms and Philip Morris outperforming the S&P 500 index.
In contrast, the bank’s gauge of Wall Street shares with the greatest proportion of domestic sales — which includes T-Mobile US and Target — has gained just 5%, as such companies failed to reap the benefit of a weaker dollar while also being hit by the steeper cost of imports.
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