War always causes for investors to sell. The uncertainty (due to War) of the direction of the industrial/technological realm as well as business relationships (import/export) impacts the global economy. The only stocks immune to War phenomena are Military stocks and basic necessity stocks like waste management. Focus on investing in different emerging markets if you want to protect yourself from significant decline in stock prices.
The decline hasn't been extreme to date, however, with escalating crises around the globe uncertainty will drive the market downward. The import restrictions Russia is imposing in Europe will drive prices down. Additionally, uncertainty has caused investors to buy more foreign currency, devaluing the currency in its home market. Uncertainty about U.S. involvement has historically driven decisions made on Wall Street.
Stock markets fluctuate significantly based on people's immediate fears or hopes. Eventually the market will self correct once investors realize there was an over reaction. Currently people are still in fear mode, but as time goes on, it will become apparent that those fears were unreasonable to begin with and the market will come back up.
No, I do not believe the stock market will continue to decline given the geopolitical crisis currently taking place. People will soon forget the geopolitical crisis once the media moves onto coverage of the next big thing. As soon as that happens stocks will fluctuate accordingly. No single event, short of a complete "system" failure will rule the stock situation at any given moment.