Market reaction to the conflict between Israel and militant group Hamas has been relatively modest so far.

Wall Street’s so-called fear gauge, the VIX index, shows investors are not as nervous as they were when Russia invaded Ukraine last year.

Oil is the barometer to watch.

Flash manufacturing and service sector activity surveys in the coming days could add to uncertainty.

The European Central Bank meets on Thursday.

It will likely have one eye on the Middle East and the other on a weakening economy.

The ECB says it’s still “quite some distance” from easing monetary policy.

But traders can expect a pause for now.

Microsoft and Alphabet results are due on Tuesday…. Meta Platforms on Wednesday… and Amazon on Thursday.

Those stocks along with Apple, Nvidia and Tesla combined have accounted for the bulk of the S&P 500’s 11% year-to-date gain, so any results disappointment could have broad fallout.

Third-quarter GDP and the monthly personal consumption expenditures price index are also due.

Property turmoil threatens China’s 5% growth target – even after a consensus-smashing 4.9% quarterly expansion.

That hasn’t escaped investors, who pushed mainland shares to a nearly one-year trough.

A lot of what’s happening is hidden from view and pressure on Beijing for further stimulus is strong.

Steps so far have disappointed.