During the second quarter earnings season companies including Johnson & Johnson (JNJ), IBM (IBM), Microsoft (MSFT), Netflix (NFLX) and Salesforce.com (CRM) have trimmed their outlooks for business results because of a beefier buck. And if inflation stays high, more rate-hiking from the Federal Reserve to cool the economy and tame prices would likely push the dollar even higher. “We estimate that currency took perhaps 2 to 2.5 percentage points out of S&P 500 revenue in the second quarter,” says Jeff Buchbinder, chief equity strategist for LPL.