The model of stigma-induced identity threat (SIIT) has contributed greatly to research on coping with stigma-related stress. For example, studies show that stigmatized individuals use situational cues (e.g., presence of an outgroup member) to assess the identity threat potential of, or the risk of experiencing discrimination in, their environment. To date, however, this model has been tested in only samples of individuals with one stigmatized identity. In two studies we show that women of color flexibly assess both race and gender identity-related threats in their environments. Participants attributed rejection to sexism more than racism when men were present, and to racism more than sexism when White individuals were present. Moreover, we did not observe that multiply- (Black women) and singly- (White women) stigmatized individuals attend differently to situational cues signaling sexism, despite predictions advanced in past research that women of color see all ambiguous situations through the lens of race. *Keywords*: discrimination attributions; intersectionality; race; gender