Yes, in informal/friendly situations. You wouldn't want to say it to your boss or someone you don't know well. "Nothing much, how about you?" is typically going to be the most common phrase for someone to speak in response. If they're asking in a text message, you might tell them what you are doing and ask what they're up to. "Watching TV, what about you?"
@TakoyakiSho If you know someone well like a friend or a person you are seeing a second time or even a boss you are close with you could say this too and you could respond by saying what you did today, or if your keeping it simple and don’t really want to talk much just say “nothing much and you”? And they’ll respond also to your question. Hope this helps !👍