A lot of models of the economy use the stock market as a leading indicator. That is why it can be very silly to turn around and use these models in order to figure out where the market is going*. Perhaps more subtle forms of this type of mistake are why economists are generally not known for being good traders. However, there are interesting micro-relationships within the market that correspond to economic activity in interesting ways. One of these is the relationship between consumer discretionary stocks and consumer staples stocks vs. nominal US personal consumption expenditures.
Right now, the market seems to be pricing in a slightly lower nominal growth rate than it did pre-crisis.
*These models can be useful insofar as it helps tell a trader that the market has an incorrect macro view, but that is another story.