Not everyone is so sure the French election polls spell good news for stocks

A lot of question marks about the rally to this day: Strategist

The poll estimates for the French presidential election allow the markets to get some renewed confidence, Chase Chief Economist Anthony Chan said Monday.

U.S. stocks opened sharply higher Monday after centrist Emmanuel Macron won a plurality of votes in Sunday's preliminary French presidential election. And Macron is expected to beat far-right opponent Marine Le Pen in the second round with 62 percent of the vote, according to a poll from Ipsos/Sopra Steria.

Macron and Le Pen will face off again on May 7.

The Dow Jones industrial average opened up more than 200 points, while the and opened up 1 percent.

"They had lost some of their faith," Chan said on "Squawk on the Street." "When you look at the estimates of the election polls for the second round, they're singing a tune that the markets like, and that's why the markets are celebrating."

Nicholas Colas, Convergex chief market strategist, told CNBC on Monday he wouldn't expect too much from the market's recent move up.

"I think you're just seeing a snapback rally after some concern about the outcome from the election," he said on "Squawk on the Street." "But I think the underlying fundamentals are exactly the same as they have been."

"We have a very narrow leadership market, mostly in tech. Fairly high valuations and, until today, a 20-year bond that had done better than small- and mid-cap stocks. So, there was a lot of questions about this rally to this day," he said.

Colas added he believes corporate earnings can offset some of the sentiment swings around politics in the U.S. and abroad.

"Earnings this quarter will be about 9.2 percent growth year-over-year, the highest since the fourth quarter of 2011," he said. "So, we've finally broken out of the very slow earnings growth cycle into something a little bit better."