Wall Street set more records at the start of a week that could show whether the US stock market’s big recent rally has been overdone or prescient.

The S&P 500 climbed 0.5 per cent and topped its prior all-time high set last week. The Dow Jones Industrial Average edged up 0.1 per cent, and the Nasdaq composite added 0.9 per cent to its all-time high.

The Australian sharemarket is set to advance, with futures at 5.58am AEST pointing to a rise of 39 points, or 0.4 per cent, at the open. The ASX dipped by 0.2 per cent on Monday. The Australian dollar was fetching US66.72¢ at 6.11am AEST.

Tesla helped lead the way and rose 3.6 per cent after Elon Musk bought stock worth roughly $US1 billion ($1.5 billion) through a trust. The electric vehicle company’s stock price came into the day with a

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