Investors have seemingly shrugged off trade tensions and geopolitical turmoil, but the gains in the stock market don’t tell the whole story.

As Israel and Iran exchanged more attacks, stock markets mostly rose even as worries remained about possible oil supply interruptions.

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Although they long for more clarity about tariffs, investors feel they can’t sit on the sidelines as stocks climb.

At the Milken Institute conference, a who’s who of finance and corporate America, there was a mix of emotions about financial markets and the economy.

During the first 100 days of the Trump administration, shock waves from the chaotic tariff rollout continue to send tremors through the global financial system.

After exempting Chinese imports of smartphones, chips and other electronics, President Trump said on Sunday the carve outs were only temporary.

Futures on the S&P 500, which allow investors to trade the index before regular trading begins on Monday, added to last week’s sell-off.

Stocks in Japan tumbled nearly 4 percent as investors braced for a week of market turmoil caused by an expected announcement of more tariffs.

So far, the Federal Reserve has avoided commenting on the increasingly uncertain outlook, but investors are waiting to see whether it changes its projections on...