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A Weaker Dollar Bodes Poorly for Tech Stocks. Here’s Why.

The dollar’s drop wasn’t the only reason for the Nasdaq’s retreat, mind you, but of all the reasons for the tech-heavy index’s decline, it got the least attention. The Nasdaq Composite fell 1.3% on the week, to 10363.18, while the Dow Jones Industrial Average slipped 202.06 points, or 0.8%, to 26,469.89, and the S&P 500 index was off just 0.3%, closing at 3215.63. The U.S. Dollar Index (DXY), which tracks the strength of the dollar versus a basket of developed-market currencies, fell 1.7% this past week to 94.36, its lowest level since 2018. Read More...

The dollar’s drop wasn’t the only reason for the Nasdaq’s retreat, mind you, but of all the reasons for the tech-heavy index’s decline, it got the least attention. The Nasdaq Composite fell 1.3% on the week, to 10363.18, while the Dow Jones Industrial Average slipped 202.06 points, or 0.8%, to 26,469.89, and the S&P 500 index was off just 0.3%, closing at 3215.63. The U.S. Dollar Index (DXY), which tracks the strength of the dollar versus a basket of developed-market currencies, fell 1.7% this past week to 94.36, its lowest level since 2018.

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