On a sector-by-sector basis, observers believe the technology, materials and energy sectors will likely be the most affected by a stronger dollar as each sector generates over half of revenues abroad.

Year-to-date, the Technology Select Sector SPDR (NYSEArca: XLK) fell 5.0%, Materials Select Sector SPDR (NYSEArca: XLB) decreased 1.5% and Energy Select Sector SPDR (NYSEArca: XLE) dipped 2.4%.

Cantor Fitzgerald analysts have warned that companies with “material international exposure,” such as Google (NasdaqGM: GOOG), Facebook (NasdaqGM: FB), Amazon (NasdaqGM: AMZN) and eBay (NasdaqGM: EBAY), could report reduced earnings forecasts if the “trend is sustained.”

XLK includes GOOG 6.4%, FB 4.0% and EBAY 1.6%. SPY holds GOOG 1.6%, FB 0.9%, AMZN 0.6% and EBAY 0.3%.

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Max Chen contributed to this article.