Tech earnings and economic data weigh on US stocks.

The Nasdaq fell on Monday as Tesla shares dropped 3.4% after the automaker raised its capital expenditure forecast for 2023 to ramp up output, weighing down consumer discretionary stocks. Investors are awaiting results from megacap companies and key economic data this week, including Alphabet, Microsoft, Amazon, and Meta Platforms. Mixed economic numbers last week cemented bets of a 25-basis-point rate hike by the Fed in May, with money market traders pricing in a 92% chance of such a move.