Wall Street's top strategists say this year's stock market rally is probably over

• JPMorgan's Dubravko Lakos and Morgan Stanley's Mike Wilson both see the end of the market rally.
• Higher-for-longer Fed interest rates and a potential hard landing for the economy risk dragging equities.
• The S&P 500 rallied 21% through the first seven months of the year, but now looks set for a monthly loss in August.

The S&P 500 is on pace for a monthly decline after big gains earlier this year, and two of Wall Street's most prominent strategists think the stock market rally is over.