U.S. Stocks Open Lower Thursday; Caterpillar Announces Job Cuts

U.S. stocks headed lower Thursday and were on track for a third straight losing session ahead of a speech by Federal Reserve Chairwoman Janet Yellen. Adding to the market's downbeat sentiment was Caterpillar Inc. , which said that it plans to cut 10,000 jobs by the end of 2018. The Dow component's announcement is likely to put pressure on the Dow Jones Industrial Average throughout the day. The Dow Jones Industrial Average , lost 131 points, or 8%, to 16,146, while the S&P 500 lost 12 points, or 0.7%% to 1,926. The Nasdaq Composite Index , shed 31 points, or 0.7%, to 4,720. Yellen's speech is expected at 5 p.m. Eastern Time after the close of U.S. trading.