The US stock market is excited, will the S&P 500 index accelerate its rise?

US stock index futures rose on Tuesday as the debt ceiling agreement that currently requires congressional approval has been confirmed.

As traders welcome the extension of the government's debt ceiling and optimism about AI continues to grow, US stocks are expected to open higher.

Stephen Innes, managing partner of SPI Asset Management, said, "After the long weekend in the United States, trading volume should return to normal today, and the optimistic sentiment about the US debt ceiling agreement may continue to support risk assets at the beginning of this week."

Some analysts are more cautious, pointing out that Congress still needs to pass the agreement, and this uncertainty may dampen enthusiasm.

The market director of Interactive Investor said, "Although the initial reaction may be positive, the fact that the transaction has not yet ended will ease the sentiment. The next obstacle is Congress, where there are already some dissenting voices."

Nevertheless, the bulls still hope that the S&P 500 index can accelerate its rise after breaking through the stubborn resistance level of 4200 points, which has been proven to be a trading range for several months. S&P 500 index futures are currently around 4228 points.

"Analysts say that as investors seek more AI exposure and as concerns about the debt ceiling ease, the decline in US bond yields will help boost valuations and may provide support for large technology stocks."

Driven by AI concept stocks such as Nvidia, the Nasdaq 100 index has risen 30.7% this year, reaching a high in more than 12 months.

Julian Emanuel, a strategist at Evercore ISI, said, "For most of the past 18 months, stocks/bonds have been positively correlated, and we will expect the Nasdaq to continue to rise."

However, Innes of SPI said that after the debt ceiling crisis is resolved, the focus may shift back to many concerns of most Wall Street analysts.

"The first uncertainty may be the May non-farm employment report on Friday, which is very important because it will be important data for Fed officials before the June 14 interest rate decision," Innes said.