Here’s what’s at stake for markets in the Georgia Senate runoff elections

If Georgia voters surprise the market by electing two Democratic senators in Tuesday’s runoff election, bond yields could immediately go higher and stocks could sell off.

The stock market, however, could seesaw as investors weigh the risk of tax increases against the prospect for more government spending to boost the economy. Some strategists say it may not prove negative for the market for long and there could be another big rotation toward the stocks that would do well with more fiscal stimulus and infrastructure spending.

“I’m kind of negative on...