The stock market's euphoric rally has been a head fake, Wall Street's top strategists warn

• Goldman Sachs, Morgan Stanley, and JPMorgan are warning that stocks are headed for a second wave of pain.
• The year-to-date rally can't last, according to Morgan Stanley's chief US equity strategist.
• The upside will fizzle because above-trend growth and a soft landing have already been priced into stocks.

The year kicked off with a euphoric rally for the US stock market, but that's about to crumble, numerous Wall Street analysts warn. 

The Nasdaq Composite notched double-digit gains at 11% in January, and the Dow Jones Industrial Average and S&P 500 ended the month ahead as well. In particular, tech-related bets have been on a tear with shares of Tesla and Meta up 82% and 36% year-to-date, respectively.