A simple forecast of what corporate earnings will be with normalized interest rates shows their future. These companies are all riding on low rates, just like the FED wanted. That's going to come to a screeching halt.
Why? When central banks finally decide to raise rates, they are likely to do it very slowly and gradually.
then that would mean the economy would probably start sputtering a bit, which would reflect in the stock prices. my point is that artificial fed money and lower interest rates are in place in order to create an artificial "demand" which makes companies more valuable. the long-term trend is that the middle class is cratering, while the upper tier of earners is rising. weakening middle class = weakening economy = weakening stock market.
