Big Tech Earnings Weigh on Nasdaq and Stock Market Ahead of Reports

The Nasdaq underperformed the S&P 500 and the Dow on Monday, pressured by high-profile megacaps as investors awaited results from companies including Microsoft while Tesla shares fell on concerns about its spending plans. Tesla Inc slid 2% after the automaker raised its 2023 capital expenditure forecast to ramp up output, weighing down consumer discretionary stocks. It was the second biggest drag on the benchmark S&P 500, behind Microsoft Corp, which fell 1.6% ahead of its results due out on Tuesday.