What does corporate profits have to do with the stock market?
High corporate profits = higher share price ???
Actual profit is a backwards looking statistic, stock prices are a prediction of future profits.
"stock prices are a prediction of future profits."
No better prediction of future profits, than current profits.
If that was true you wouln’t see such wildly different P/E ratios. Current profit isn’t irrelevant, but it doesn't tell you much especially if the company just lost money.