bellwether UK /ˈbɛlwɛðə/US /ˈbɛlwɛðɚ/noun 3forms 1phrases 1 noun3 •The leading sheep of a flock, having a bell hung round its neck. •(figurative) Anything that indicates future trends.Mortgage delinquencies often act as a bellwether for a forthcoming recession. •(figurative) A stock whose price performance is treated as an indicator of the likely direction of a broader market, sector, or industry. formsbellwethers Phrases with bellwether bellwether stateA state of the United States that historically votes for the winning candidate in a given election.