Small Caps Lag as Mega Tech Lifts Broader Market, Raising Economic Growth Concerns

Small-cap stocks are underperforming, signaling doubts about economic strength despite exuberance for AI stocks.

Key stock benchmarks that limit influence of megacaps also show weakness, like equal-weight S&P 500.

Russell 2000 is lagging behind largest stocks, on track for worst underperformance since 1998.

Many smaller firms not participating in upside as broader market is held up by tech giants.

Stock market may be sniffing out something data doesn't show yet, as it's forward-looking while data is backward-looking.