The dollar's record rally is wreaking havoc on some of the biggest companies in the world this earnings season. Morgan Stanley's Michelle Weaver said in a note to clients this week that the dollar's rally presents a headwind to earnings for U.S. companies, which make roughly 30% of sales abroad combined. Technology stocks are among the biggest behemoths so far to report headwinds from the dollar's strength this earnings season. Meanwhile, consumer discretionary names like Hasbro and Mattel are also feeling the pinch from the dollar's rally. While companies remain cautious going forward, some analysts and big investors also believe the dollar's rally has already shown signs that it's rolling over.

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