Comes down to how people perceive this Israel-Iran conflict is going to unfold.
US markets are so positive relative to the past (e.g 911/ Ukraine war) when this conflict is actually riskier from many aspects (oil is front and centre, regional escalation) - so that should tell us market participants knows no fear (yet).
They even believed that after the Iranian missiles were shot down successfully, it ended there and Dow could pull a 400pt gain at the start!
The lack of fear is something we should be fearful of in itself. Because you know what happens when everyone starts to fear.
