If Russia invades Ukraine, so what?

We've seen the volatility in stocks and the situation in Ukraine, but I'm curious what effect Russia invading Ukraine would actually have on the strength of the U.S. economy. My ignorant and totally uneducated opinion is that it shouldn't make much of a difference, except with semiconductors as others have noted, and yet the Dow and the S&P have taken a beating that's largely attributed to the conflict in Ukraine as well as inflation and rising interest rates. It seems like if stocks keep going down because of Ukraine specifically, then that's not a very good reason as the conflict doesn't directly impact the U.S. economy very much. Am I wrong?


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