In the long term this is an issue. But I'm not sure the US stock market actually cares that much about what the world will look like in 4 or 8 years.
The US government is pumping the stock market with debt - as long as nobody starts dumping bonds or currency this is an action that will make number go up.
The rich and ultra rich don't need liquidity, they have our 401k plans for that.
yet
I don't know if it's due to "decoupling" but there has been some selling recently.