Investing.com -- Investor flows remained cautious last week as equity exchange-traded funds returned to inflows but stayed weak, while equity futures trading was essentially flat, according to JPMorgan's Delta One Desk.

Fixed income markets faced the main pressure, with rates futures recording heavy net selling of approximately $82 billion. Bond ETF inflows were light at around $5 billion.

Corporate bonds bore the brunt of selling within bond ETFs, with large outflows from both investment grade and high yield products. Municipal bonds saw their largest outflow in over a year.

Most equity sectors posted outflows last week. Style flows leaned defensive, with rotation into low volatility and defined outcome products. Single stock ETFs saw outflows.

Memory stocks remained under pressure, with Korea posting its largest outflow since May at $0.6 billion. DRAM logged a third straight week of outflows at approximately $0.3 billion.

The energy complex showed mixed results. Energy futures saw another week of heavy buying, but energy equities posted modest outflows. Investors bought shares in inverse oil ETFs, with nearly two-thirds of energy inflows going into the short oil ETF SCO.

Gold and cryptocurrency both posted moderate outflows last week. Crypto saw its first outflows in four weeks.

Among equity regions, the US drew $8.3 billion in inflows, while international developed markets attracted $3.8 billion. Financials was the exception among sectors, drawing above-average inflows.

Levered products saw moderate inflows of $0.6 billion last week, led by TQQQ at approximately $0.4 billion. Investors bought the dip in long-term Treasuries at $1.9 billion, mainly through TLT.

Commodity trend-following advisors likely reduced equity exposure and sold copper, US natural gas, gold, and European currencies versus the dollar.