Two of the sell-side’s most recognizable names warned on market breadth Monday.

In an asset allocation update reiterating a defensive tilt, JPMorgan’s Marko Kolanovic called this year’s equity rally “narrow” and said that notwithstanding meaningful scope for yields to move lower in light of a more challenging macro environment, the sheer scope of recent tech outperformance may be too much, too soon given what it appears to telegraph for bonds (i.e., a 10-year yield of just 1.5%).

Meanwhile, Morgan Stanley’s Mike Wilson cautioned that on one measure, breadth is the worst since at least 2005.

The share of stocks outperforming the index is a mere ~25%, the lowest on record, according to the bank.

Like Kolanovic, Wilson suggested this year’s re-rating could look misplaced in hindsight. “With this year’s rally in US stocks so narrow and dependent on multiple expansion, any further rise in 10-year yields would not be welcome,” he said. “If there is one thing that can throw cold water on the mega-cap rally, it’s higher yields due to a Fed that can’t stop hiking.”

To be sure, Morgan Stanley does expect a Fed pause after one more hike at the May meeting. But it all hangs on inflation outcomes, and Tom Barkin on Monday sounded more like Chris Waller than Raphael Bostic. The US economy is “work[ing] just fine” with higher rates, Barkin told a crowd at the Richmond Association for Business Economics, adding that he wants “more evidence” that inflation is “settling.”

One way or another, Wilson’s message was clear. “We think the recent collapse in breadth is the market’s way of warning us we are far from out of the woods with this bear market,” he wrote.