The pandemic has had two impacts on the economy: 1) A decline in consumption across the board due to loss of income and certainty for future; 2) A shift of co

The pandemic has had two impacts on the economy: 1) A decline in consumption across the board due to loss of income and certainty for future; 2) A shift of consumption from the "traditional physical" businesses to virtual or remote or delivery businesses. So the end result is that some niches of economy are harmed very much and some niches of economy are not suffering at all or even having a boom, as the change in habits is a very large impact. And the key aspect that explains this apparent disconnect is that most of the "losers" of economy are not traded in the stock market and most of the "winners" are. If your local cinema goes bankrupt and people switch to Netflix instead, the stock market cares only about the latter. If you buy less stuff in your local corner store and have Amazon deliveries instead, the stock market sees only the Amazon's growth in revenue and ignores the loss of revenue of the non-publicly-traded store. If a company rents less office space and instead invests in various services and software for remote work, the owner of that now-empty commercial space isn't publicly traded but the service/software providers are. Etc.