Goldman Sachs Group and BlackRock are warning investors that the equities market has yet to account for the looming risk of recession, according to news reports.

Goldman strategists cut equities to underweight for the next three months and are staying overweight in cash, citing rising real yields, Bloomberg writes.

“Current levels of equity valuations may not fully reflect related risks and might have to decline further to reach a market trough,” Goldman strategists including Christian Mueller-Glissmann wrote in a note Monday, according to the news service.

BlackRock, meanwhile, believes investors should “shun most stocks,” Bloomberg reports. In the short term, the company is underweight developed-market equities and is favoring credit, the news service writes.

“We don’t see a ‘soft landing,’” BlackRock Investment Institute strategists including Jean Boivin and Wei Li wrote in a note Monday, according to Bloomberg. “That means more volatility and pressure on risk assets.”

Morgan Stanley and JPMorgan Asset Management are voicing similar concerns, the news service writes.

JPMorgan global multi-asset strategist Sylvia Sheng wrote on Tuesday that the company “strongly” prefers investment-grade credit over high yield, according to Bloomberg. Over the next 12 months, Sheng expects slow growth in the U.S. and a recession in Europe, the news service writes.

Bloomberg adds that a Ned Davis Research global recession probability model has passed 98% — the only other times it’s passed that mark were in the leadup to severe downturns, such as in 2008-2009 and in 2020, according to the firm.

The S&P 500 and Stoxx Europe 600 plunged to their lowest since December 2020 on Monday, according to the news service.