All three major indices were in positive territory, while Nvidia jumped more than 7% on bullish sentiment over its role in artificial intelligence breakthrough technology.

About 20 minutes into trading, the Dow Jones Industrial Average was down 0.2% at 33,021.07.

The broad-based S&P 500 climbed 0.4% to 4,223.64, while the tech-rich Nasdaq Composite Index gained 1.1% to 13,116.93.

The weekend deal, reached after weeks of frantic negotiations, faces opposition from the progressive and hard-right wings of Biden and McCarthy’s respective parties.

The basic framework of the deal lifts the debt ceiling, currently at US$31.4 trillion, for two years – enough to get past the next presidential election in 2024.

In return, Republicans secured some limits on federal spending over the same period.

Biden and McCarthy both say they believe the bill will pass the House and then move swiftly to the Senate.

Meanwhile, most large tech companies advanced early today, with shares of Facebook parent Meta and Apple both up more than 1% while Netflix rose nearly 4%.

The surge in Nvidia shares comes amid rising confidence in new generative AI breakthroughs, capable of delivering the computing heft needed to churn out complex content in just seconds from data centers around the world.

In topping US$1 trillion in valuation, Nvidia joins a group of just five other companies, all US tech giants except Saudi Aramco.