Recent data on exchange-traded fund (ETF) flows indicates a notable shift in sector investments within U.S. equities. Over the past week, the technology sector has experienced substantial inflows, with U.S. technology equity funds attracting approximately $6.5 billion, marking the highest weekly total since November and one of the largest inflows in the past two years. In contrast, large-cap and energy sectors are witnessing outflows, with U.S. large-cap ETFs seeing over $3 billion in outflows. The most significant absolute flows in the past week were observed in various ETFs, including $SPY, which experienced a $5.4 billion outflow, while $VOO saw an inflow of $2 billion. Overall, the technology sector has emerged as a key area of investment, reflecting a trend towards consumer cyclical sectors and investment-grade assets, while treasury and large-cap equities are facing declines.