Investing.com - US equity futures recorded heavy net selling of $21 billion last week, with roughly 80% of the outflows occurring on Friday from S&P 500 and Nasdaq 100 futures, according to JPMorgan's Delta One Desk. The selling was largely offset by inflows into US equity exchange-traded funds.

Equity ETFs drew $26.8 billion in inflows last week, while fixed income ETFs attracted $12.4 billion. Commodities ETFs saw outflows of $1.7 billion, and currency and multi-asset funds recorded outflows of $0.4 billion. The Invesco QQQ Trust (NASDAQ: QQQ) experienced outflows of $3.4 billion, while SPY, IVV, and VOO recorded combined net inflows of approximately $9.5 billion.

Regionally, US equity ETFs drew $18.7 billion and international developed market funds attracted $8.6 billion, with strong inflows into Japan, Canada, and Europe. Emerging market funds saw outflows, led by Brazil, though Korea recorded mild inflows after five consecutive weeks of outflows. Thematic ETFs recorded net inflows of $4.2 billion, driven by DRAM-focused funds which attracted $2.5 billion.

Commodity trend-following advisors remain significantly long equities despite Friday's sell-off, with CTA signals in the US broadly positive though the cushion until near-dated signals are breached is now below 1%. CTAs remain broadly long in Europe and likely hold long positions in Japan and Korea equities, while remaining short China and India.

In equity sectors, investors rotated out of consumer staples, consumer discretionary, energy, and technology into materials over the past week. Growth funds saw notable outflows, while managed risk, single stock, and momentum ETFs saw inflows exceeding 1 standard deviation.