How to talk about the market?

Incoming Wharton student interested in investment banking, and I have been researching some of the finance clubs on campus. I currently have one PE internship under my belt from my senior year of high school at a $2b fund. A lot of past Wharton students have told me to be able to talk about the market. I'm curious what this means regarding what it entails talking about. If anyone could further explain? Do I look at yahoo finance? 

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