Prepare for the U.S. dollar hit on S&P 500, big tech earnings

None of those companies have recently signaled a drop in revenue or profit gains due to currency.A couple of companies worth watching as this issue develops are, which gets a quarter of its sales in developing nations like China, and Apple, which gets 19% of sales in Greater China and another 24% in Europe.

The bigger impact for Apple may come in the September quarter, since the dollar has continued to rise since the end of June, Zino said. Some companies, especially chip makers, can match their losses from selling in local currencies by manufacturing overseas, especially in Asia. That lets them recover some lost revenue in the form of lower production costs.

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