Other people misery is other people happiness (/s).
For the record, these government readings on profitability are for the economy at large, not just the largest publicly traded corporations that dominate the US stock markets.
But one way to make sense of the historically high valuation of the US markets — the S&P is currently trading at a multiple of almost 22 times expected earnings over the next 12 months — is that it has something to do with margins.
This is not a secret, many companies the US especially Farmacies, and this is like validating the conspiracy theories about how Covid-19 was “made”.