The S&P 500 sits near its all-time high and the financial press is cheering. Meanwhile, you're still paying more for groceries, your mortgage rate just hit a yearly peak, and employers cut more jobs than they added last month. The stock market is not the economy — and the people reporting on it know that.

Big U.S. companies are on track to deliver roughly 50% earnings-per-share growth for the spring quarter compared to a year earlier, according to FactSet data reported by the AP. That's the best growth in five years. But those profits aren't coming from a booming Main Street. They're coming while their customers — working Americans — see incomes turn what AP called "iffier" and bills rise quickly as inflation stays higher than anyone wants.

The Atlanta Journal-Constitution framed the situation more honestly, leading with "stagflation" — the worst-case scenario where the economy stagnates and prices stay high. The Fed, as AJC noted, has "no good tool to fix both a stagnating economy and high inflation at the same time." AP, by contrast, led with stocks "drifting near their record heights" and buried the consumer pain deeper in the story.

Here's what the record numbers mean for your paycheck: The 10-year Treasury yield has shot from 3.97% before the war with Iran to 4.70% now, driven by oil price pressure on inflation. That pushed the average long-term U.S. mortgage rate near its highest level in a year, according to AP. The Federal Reserve may have to hike interest rates again — intentionally slowing the economy and making borrowing more expensive for everyone — just to fight inflation that their own policies helped create.

Oil prices remain volatile. Brent crude hovered around $88.87 on Monday, a relatively modest move compared to recent swings between $72 and $102 last month, AP reported. The Strait of Hormuz is nearly closed, blocking a vital route for oil and gas tankers from the Middle East, AJC reported. Prospects for a deal ending the war with Iran remain unclear. Every dollar added to a barrel of crude is a tax on American drivers and small businesses that the press treats as a market story rather than a household budget crisis.

Shoppers spent less at U.S. retailers last month than in June — a fact AP reported as "surprising." It shouldn't be. When inflation eats your raise and your employer cuts jobs, you buy less. This week, Home Depot, Target, Lowe's, and Walmart report earnings, giving a clearer picture of how consumers are holding up under the squeeze.

The Fed releases minutes from its July meeting on Wednesday. Wall Street will parse every word for hints about rate hikes. Working Americans will just check gas prices.

Corporate profits are up 50%. Your grocery bill is up. Your mortgage rate is up. The stock market is not the economy. The question is how long Wall Street's party lasts when the people who actually buy things run out of money.