The Globe and Mail reports in its Thursday edition that the Citigroup U.S. Economic Surprise Index is declining sharply, dimming hopes for broader S&P 500 performance leadership. The Globe's Scott Barlow writes that the current trend suggests we may be approaching a technology bubble. The index gauges U.S. economic data releases, weighted by importance, relative to consensus forecasts. The latest reading of minus 45 indicates that most recent vital data releases have fallen below economist expectations, potentially signalling a decrease in U.S. momentum. A broadening of market leadership beyond the AI-related technology behemoths will be, to some degree, a function of stronger economic growth. An accelerating economy means solid earnings growth becomes apparent beyond the megacaps benefiting from secular trends and global revenues. Smaller, more attractively valued stocks can generate significant profits as the economy strengthens. Eventually, investor assets should move away from existing, expensive market leading companies to own stocks representing decent earnings growth trading at better valuations. Wells Fargo notes that full-year 2024 earnings expectations for small and mid-cap stocks have been falling.