Stock Market News 3 January 2026

January 31, 2026, 9:46 AM EST. The dollar's recent decline, described by President Trump as a 'yo-yo,' is causing shifts in equity investment strategy. A weaker dollar helps U.S. exporters by increasing overseas revenues but also makes American assets less attractive, driving funds out to international markets. Chris Zaccarelli, CIO at Northlight Asset Management, said the weakening dollar is a net negative for the U.S. stock market, prompting investors to favor export-oriented U.S. stocks, which have outperformed the S&P 500 this year. Meanwhile, international equities, especially in Europe, Japan, and Brazil, show stronger gains when adjusted for currency effects. This dynamic encourages portfolio rotations as investors seek better valuations and currency advantages outside the U.S.