Wall Street continues to break records. Despite all the concerns that have dominated conversations this year, from tariffs to the budget deficit and the independence of the Fed, the United States continues to attract capital. Paradoxically, however, the best-performing stocks on the US market are those whose revenues are least dependent on the US itself.
The Goldman Sachs index, which includes the 50 largest US companies with the highest exposure to the United States, rose 21% this year. Conversely, those with the highest proportion of domestic sales rose only 5%. This is the largest gap since 2009.
Sources: Bloomberg, Goldman Sachs, FT
Stocks with the greatest international exposure are benefiting from the decline in the dollar. A weaker currency automatically boosts foreign sales when they are repatriated. This is a significant trend, as the dollar index (the dollar against a basket of reference currencies) is down 10% in 2025.
Tech takes off
This disparity can also be explained by sector performance. The rally is mainly driven by tech stocks, which are themselves benefiting from the frenzy surrounding AI. Since January 1, technology has been the best-performing sector in the S&P 500, with a gain of 30%. However, it is also the sector whose revenues are most dependent on international markets, according to Factset data.
Share of revenue generated in the United States and internationally by sector. Source: Factset
Movements in the dollar (and currencies more generally) are a factor that investors should not overlook. While the S&P 500 rose 14% in 2025, the index posted a gain of less than 1% in euro terms.
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