TOKYO — Stocks are rebounding on Wall Street early Tuesday from their biggest drop since October a day earlier.

Energy and materials sectors are leading the gains, with the S&P 500 up 0.4% at 9:40 a.m.

Investors are following a run-off election for two senate seats in Georgia that will determine whether Republicans retain control of the Senate.

Coronavirus cases are climbing at frightening rates, threatening to bring lockdown orders that would punish the economy. European indexes were mixed, while Asian stock markets were mostly higher. U.S. Treasury yields rose.

Global shares turned lower Tuesday as more countries imposed restrictions on businesses and public life to cope with a stubborn increase in coronavirus infections.

Britain’s FTSE 100 fell 0.2% to 6,560 after the government toughened its lockdown measures and expanded them nationwide. France’s CAC 40 dropped 0.8% to 5,542, while Germany’s DAX shed 0.8% to 13,620.

With coronavirus cases climbing at frightening rates around the world, more lockdown orders to fight the pandemic threaten to undermine a global economic recovery, countering progress thanks to the rollout of covid-19 vaccines.

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