Investing.com -- U.S. stocks fell broadly for the third consecutive session, as disappointing earnings from Caterpillar Inc (NYSE:CAT), 3M Company (NYSE:MMM) and American Express Company (NYSE:AXP) as well as crashing energy prices continued to weigh on the major indices.
The Dow Jones Industrial Average and the NASDAQ Composite index fell sharply to extend modest losing streak, while the S&P 500 Composite index also moved lower to maintain a losing skid of its own. The Dow lost 119.04 or 0.67% to 17,731.95, to fall back into negative territory for the year. The NASDAQ, meanwhile, fell 25.36 or 0.49% to 5,146.41 as tech stocks lagged.
The S&P 500 dipped 12.00 or 0.57% to 2,102.15, as all 10 sectors closed in the red. Stocks in the Basic Materials, Utilities and Industrials industries lagged, each falling by at least 1.0%.
Caterpillar, one of the world's largest provider of construction and mining equipment, plunged to four year lows at 76.65 after reporting significant sales declines in a number of major markets. Caterpillar finished just ahead of Minnesota-based multinational conglomerate 3M, which lost 5.91 or 3.80% to 149.50, after posting worse than expected earnings. The top performer on the Dow was Cisco Systems Inc (NASDAQ:CSCO), which gained 0.47 or 1.69% to 28.00.
The biggest gainer on the NASDAQ was SanDisk Corporation (NASDAQ:SNDK), which surged 9.52 or 17.57% to 63.70, after reporting quarterly earnings nearly two times higher than forecasts from analysts. QUALCOMM Incorporated (NASDAQ:QCOM), meanwhile, finished as the worst performer after the San Diego-based semiconductor manufacturer announced plans to slash 15% of its workforce in an effort to save $1.5 billion. Shares in Qualcomm fell roughly 4% to a two-year low at $61.16, before closing slightly higher at 61.78.
SanDisk was also the top performer on the S&P 500, ahead of Seattle-based software development manufacturer F5 Networks Inc (NASDAQ:FFIV), which rose more than 7% to 127.28. After beating sales expectations with its third-quarter earnings, F5 CEO Manny Rivelo said Thursday the company expects to ramp up hiring in the near future. The worst performer was URI, which fell nearly 14% to 66.98, after reporting mixed earnings on Wednesday.
Shares in Anthem were relatively unchanged after reports surfaced that one of the nation's largest health care insurers is close to finalizing a merger with Cigna Corporation (NYSE:CI) in a $48 billion deal. Cigna shares ticked up 3.29 or 2.18% to 154.36.
A host of prominent companies including: Amazon (NASDAQ:AMZN), Starbucks (NASDAQ:SBUX), Visa and AT&T (NYSE:T) were scheduled to release their quarterly earnings after the bell.