As it has been wildly reported, the US dollar is down 10% YTD, which means that stocks themselves are even less valuable. To help visualize it, look at this table:
|Index|1/2/2025|4/16/2025|Change|
|:-|:-|:-|:-|
|**S&P 500**|$5,868.55|$5,275.7|\-10.10%|
|**Dow Jones**|$42,392.27|$39,669.39|\-6.42%|
|**Nasdaq**|$19,280.79|$16,307.16|\-15.42%|
It looks bad, but if we look at it in Euros:
|Index|1/2/2025|4/16/2025|Change|
|:-|:-|:-|:-|
|**S&P 500**|€5,692.49|€4,642.62|\-18.44%|
|**Dow Jones**|€41,120.50|€34,909.06|\-15.11%|
|**Nasdaq**|€18,702.37|€14,350.30|\-23.27%|
It is worse if we look at in gold, a common destination for one fleeing the dollar:
|Index|1/2/2025 (oz)|4/16/2025 (oz)|Change|
|:-|:-|:-|:-|
|**S&P 500**|2.209|1.573|\-28.77%|
|**Dow Jones**|15.954|11.829|\-25.85%|
|**Nasdaq**|7.256|4.862|\-32.98%|
So what this mean? I have no idea. I am not a Forex trader, but this isn't a great image for the stability of the US Economy.