The S&P 500 eclipsed its February high when it closed at 3,389.78 on August 18.
Skew is picking up in technology mega-cap stocks like Facebook and Tesla.
Large stimulus injections have fueled the climb in the S&P 500 since the March sell-off.
Morgan Stanley analysts see pressure in both the municipal bond and the student debt markets.
Falling correlations between stocks usually correlates to lower levels of volatility.
There are indications the cybercurrency's recent increase might be more sustainable than previous price spikes.
Pressure on issuers may be less severe than after the Lehman Brothers crisis in 2008, UBS said.
The involvement of amateur investors means less volatility, the firm said.
Bitcoin has rallied strongly in recent days after rising above $10,000.
A large stock-market tumble is unlikely given pent-up demand, the firm said.
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