International business is booming at large corporations, as Walmart showed this morning.
The weak dollar is only helping to exacerbate this boom, as foreign currencies get you more and more dollars.
But the fact remains, that overwhelmingly, S&P 500 companies are still mostly dependent on domestic sales.
As this chart from Citi’s Tobias Levkovich shows: While percentage of profits coming from abroad is clearly on an uptrend, they’re still below 25%. And this is S&P 500 companies — so there are lots of big multinationals in there. Dependency on the US would only get greater as you go down the food chain.