The volatility of the market

I’m trying to better understand market behavior during geopolitical conflicts. Recently, despite ongoing war-related tensions, the stock market hasn’t reacted as negatively as I would have expected. Why is the market sometimes bearish during wars, but other times remains stable or even bullish? What factors determine when a conflict actually leads to a downturn versus being shrugged off by investors? Curious to hear how others think about this and what indicators you watch in situations like this.