The Globe and Mail reports in its Wednesday edition that the surge in Wall Street has been driven by a few technology stocks, but now a wider range of stocks and sectors are participating in the market's growth. A Reuters dispatch to The Globe reports that this broader participation is expected to sustain the rally, but it is uncertain whether it will lead to the same level of gains. If a "slower-for-longer" equity trend emerges, investors may need to rely on stock-picking strategies for returns. Rotation is taking place from large caps to small caps, defensives to cyclicals and growth to value. At the end of June, the top 10 stocks in the S&P 500 accounted for a record 35 per cent of the index's entire market cap. However, in the third quarter tech underperformed the S&P 500 by its widest margin since 2016, driving a 13-per-cent outperformance of the "S&P 493" against the "Magnificent 7." This shift primarily reflects investors' optimism that the economy will avoid recession, yet the Federal Reserve will still see the need to cut interest rates rapidly to return to the so-called neutral rate. The consumer and real estate sectors heavily benefit from lower interest rates, especially among small-cap stocks.