Financials displaced energy last week as the S&P 500’s best year-to-date performer among its 11 main industry groups. Along the way, financial stocks reestablished ties to bond yields that had been frayed. The 20-day correlation between the S&P 500 Financial Index and the yield on 10-year Treasury notes ended last week at 0.80, its highest reading since June 2020. Correlations were negative during May and June and bottomed out at the lowest level since September 2016. The financial index climbed 30.6% for the year through Friday, beating energy’s 29.7% gain.