A new report suggests the record stock market highs are on borrowed time.

According to Moody's Analytics chief economist Mark Zandi's 2020 outlook, the backdrop is showing signs of cracks.

Zandi gave CNBC an exclusive first look at his economic forecast ahead of its official release.

"All of the pillars of the stock market look a bit shaky to me," he told "Trading Nation" Thursday. "While the economy will be okay in 2020, I think the stock market will have a rougher go of it."

While he cites consumer spending, household balance sheets, jobs growth and a housing market as economic bright spots, he also sees slower than expected real GDP growth, a growing federal budget deficit and challenged corporate earnings pressuring the economy.

"Businesses are going to struggle with declining margin, and so corporate earnings growth will be flat. Lackluster," he said.

Yet, 2020 opened with a bang on Wall Street. The Dow, S&P 500 and Nasdaq hit fresh record highs. The Dow is now less 4% from the 30,000 milestone.