US stocks have not yet plunged into panic, investors are betting that the Middle East conflict will not last long.

On Monday, the performance of the US stock market at the close was significantly better than at the opening that day - and in the previous five consecutive trading days, the market had also shown the same trend. The "morning dip, afternoon rebound" pattern has two main reasons behind it: First, stock traders are still hoping for a quick resolution to the conflict and believe that the United States, as a net oil exporter, can withstand a short-term shock better than most countries; Second, in the words of internet slang, they are "buying the dip." Steve Sosnick, chief strategist at Interactive Brokers, said, "We are experiencing a black swan event, but the US stock market has almost no discernible response because people are more focused on buying the dip and avoiding missing out on rebounds, rather than worrying about real systemic risks." Of course, "buying the dip" can be very effective when it works, but once it fails, the situation will be completely different, and what will happen next is not something any investor can control. The longer the Strait of Hormuz remains effectively closed, the higher energy prices will rise, and the impact on global trade will also be greater. These factors will exacerbate the risk of a scenario similar to the "stagflation" of the 1970s - where prices remain high, economic growth slows, and unemployment rises at the same time.