Stock prices are having a big impact on investors' view of the economy, which is exactly what happens before a recession, Wall Street's top bear says

• The stock market is having an oversized influence on how investors think about the economy.
• That's according to a Monday note from one of Wall Street's top bears, Mike Wilson of Morgan Stanley.
• "Markets are now expecting a meaningful re-acceleration in growth that we think is unlikely this year." 

The stock market is having an oversized influence on investors' view of the economy, signaling a late-stage economic cycle that typically ends in a recession.

That's according to Morgan Stanley equity strategist Mike Wilson, who has been a vocal bear this year, despite the S&P 500 jumping nearly 20%.