Right now if indexes show massive gains it's based in large part on developments in AI, which is a corporate-friendly development predicated on destroying jobs by replacing people with AI tools and human effort with AI effort.

The markets stopped correlating well with consumer sentiment a long time ago but since ChatGPT launched it is easier to assume that if the market is doing well, ordinary people are worse off.

This gulf only gets more obvious over time, and it is one of the key differences between this bubble and the dotcom bubble (the latter revitalised many niche businesses by finding them global markets or a viable business model).