When the dollar weakens and inflation pressures persist, large-cap equities tend to see tailwinds. Q4 performance data suggests exactly that pattern—companies in the SPX benefited from a combination of currency headwinds working in their favor and pricing power from inflationary environments. The weaker greenback essentially boosts overseas revenue conversion, while persistent inflation allows firms to pass costs downstream. It's this dual mechanics that likely drove stronger sales figures across the index heading into year-end.