Why should a war in Ukraine cause significant drops in the US stock market?

The top market cap companies in the S&P500 are companies like FAAMNG. None of their business has anything to do with what's going on in Ukraine. Of course it's possible, that a war would cause energy prices to rise even higher, which could indirectly cause people to buy less iPhones or stuff on Amazon, but besides those very indirect effects, it appears that the vast majority of American companies are not affected whatsoever with what's going on over there.


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