Why the Stock Market Makes No Sense Right Now

Ms. Scanlon, a contributing Opinion writer, is the author of “In This Economy? How Money & Markets Really Work” and Kyla’s Newsletter.

The stock market has been trying to ignore the war in Iran. That’s been true over weeks of escalation and de-escalation, cease-fires, a blockade, and a blockade of a blockade (now just a U.S. blockade). Markets have barely flinched, even as crude oil prices swing wildly each day and the world’s supply chains begin to shake.

The word to describe what is happening is “shrug.” The problem is not a lack of........

© The New York Times