President Donald Trump‘s warning to North Korea of “fire and fury” has not fazed the markets, according to experts.

Trump on Tuesday during a meeting about opioids at his golf club in New Jersey cautioned North Korea that it would face “fire and fury like the world has never seen” if it continued to threaten the U.S. The markets, however, barely budged in response, leading experts to ponder that apparent apathy.

“I think they’re focused on the news that matters, and the news that matters is not necessarily North Korea,” David Nelson, chief strategist at Belpointe Asset Management, said Wednesday on CNBC’s “Power Lunch.” “If I pulled out every time I had a geopolitical event on some corner of the planet, I’d never be in the market.”

Nelson said, “The important things for stocks […] are simply economic,” with equities only being affected with something that “translates to an economic event.”

These observations come amid “a pretty good earnings season right now,” according to Nelson, with industrial companies who aren’t “just the Amazons of the world” reporting “blockbuster” earnings, top-line growth and reinvestment in themselves.

“The investors have learned to buy the dip here and it’s paid off,” Nelson.

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