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Just as corporate earnings emerged from a four-quarter earnings recession, one of the factors behind the slump is rearing its head again: the strong U.S. dollar.
The greenback's strength will likely hit companies with large international exposure, such as tech stocks, and likely derail the postelection stock market rally that's taken the Dow Jones industrial average to record highs and the and Nasdaq composite close to their all-time highs.
"If you start to see the continued strength in the dollar, you'll see these internationally focused companies start to see some underperformance," said Paul Hickey, co-founder of Bespoke Investment Group. "Different sectors will be impacted differently."
Since Donald Trump's surprise election win last week, the has climbed more than 5 percent on increased economic growth expectations as Trump has promised to spend on infrastructure and cut taxes as president. It has also moved higher with Treasury yields, which have leaped to multimonth highs. The dollar index hit its highest in nearly 14 years on Thursday, and it moved even higher Friday before retreating.