Geopolitical concerns have reached the highest level in five years, while concerns about higher wages may be diminishing, according to a JPMorgan Chase & Co. study.

JPMorgan strategists including Dubravko Lakos-Bujas analyzed more than 25,000 recent earnings transcripts, conference calls, and question-and-answer sessions for S&P 500 Index companies. Banks and energy, technology, and transportation companies increased references to geopolitics, while banks talked about the global economic growth outlook and reduced client activity.

“Contrary to popular investor narrative, fewer S&P 500 companies are highlighting rising wages as a risk,” the JPMorgan authors said in the report dated March 3. Sectors that tend to employ more skilled workers were less concerned about labor costs, while labor-intensive industries see issues arising from a tightening market.