We just
Declared economic war against the entire world
Started an embargo on our 3rd biggest trading partner
Specifically targeted our 2 largest trading partners, threatened to annex one, threatened boots on the ground on the other
Didn't even had demands to negotiate trade deals for the first weeks (The failed Japan deal), our current demands on the China deal were all made up along the way
All of these inflationary pressures and volatility on top of a population that can barely afford goods and whose debt is at an all time high
Proved to the entire world that the guy at the helm of our government is an idiot, there's only 1 (one) somewhat reasonable person in his administration
And the market didn't circuit break even 1 single day when the rest of the world did circuit break at least once, some countries multiple times. After the initial shock nothing mattered anymore, not even a contracting GDP with 0 positive news afterwards mattered, that was shrugged in a couple of hours. Well, one thing mattered: Tweets, rumors, hearsay, and insider trading.
So to address your question, no. The US market will never be based on fundamentals. After 2008 something changed that made the US market truly exceptional, it is near impossible to break. You just had the biggest stress test you could throw at it bar of a Chinese/Russian plant becoming the US president and purposely trying to destroy the country.
To be fair, we were just a few days away from feeling the biggest effects of port volume coming to a halt and the lack of goods/price increases from it. Between April 21 and May 2 the bullrun was retarded, but between May 2 and May 9 it was started to show some weakness and shakiness. Without the China deal it would've likely curved downwards already. Trump really owes Xi his presidency