Stocks fell Thursday amid earnings disappointments from companies such as PepsiCo, Pfizer and Nokia, along with concern about oil prices near six-week highs.

"It's an unforgiving climate right now," said Cummins Catherwood, who helps manage $750 million at Walnut Asset Management in Philadelphia. "When you have a success, they yawn and give you a little pat on the back. When you have less than a success, they bang you on the head."

The Standard & Poor's 500-stock index fell 4.78, or 0.4 percent, to 1106.69. The Dow Jones industrial average dropped 45.64, or 0.4 percent, to 10,163.16, the lowest since May 26. The Nasdaq composite index slipped 2.17, or 0.1 percent, to 1912.71, for its fourth straight loss, the longest streak since April 30. Apple Computer's advance after better-than-expected earnings limited the drop in the benchmark.

Oil prices held near their highest since June 1. Crude for August delivery lost 0.5 percent, to $40.77 a barrel, in New York. On Wednesday, oil jumped 3.9 percent, raising concern that higher fuel costs will curb spending by consumers and companies.

PepsiCo fell $1.49, to $51.92. The world's No. 2 soft-drink maker had second-quarter profit of 61 cents a share, matching the average analyst estimate in a Thomson Financial poll. Sales rose at the slowest pace in a year. Earnings for 2004 should be at least $2.29, the company said, trailing analysts' estimate by 2 cents.

Pfizer, the biggest drugmaker, slumped $1.43, to $32.58. The 4.2 percent drop was the biggest in the Dow average. The company reduced its full-year sales forecast by about $1 billion, to $53 billion, because of lower revenue for some products and foreign-currency fluctuations.

Nokia, the world's largest mobile-phone maker, said third-quarter profit and sales will fall as it cuts prices to counter increased competition. Its U.S. shares slumped $1.79, to $12.45. U.S. shares of Ericsson, the No. 1 maker of cellular-phone networks, fell $1.77, to $26.23.

International Business Machines, the world's biggest computer maker, dropped 11 cents, to $84.02. After exchanges closed, the company said second-quarter net income rose 16 percent. IBM climbed to $84.65 in extended trading.

Apple climbed $3.35, to $32.93, for the S&P 500's biggest gain. Fiscal third-quarter earnings more than tripled on a threefold climb in iPod shipments, the company said. SanDisk jumped $4.11, to $24.09. The biggest maker of memory cards used in digital cameras said sales this quarter may exceed analysts' estimates. Second-quarter profit rose 71 percent.

Other Indicators

* The New York Stock Exchange composite index fell 31.68, to 6457.12; the American Stock Exchange index fell 6.37, to 1250.50; and the Russell 2000 index of smaller-company stocks rose 2.42, to 562.16.

* Advancing issues outnumbered declining ones by 6 to 5 on the NYSE, where trading volume fell to 1.4 billion shares, from 1.46 billion on Wednesday. On the Nasdaq Stock Market, decliners narrowly outnumbered advancers and volume totaled 1.64 billion, down from 2.02 billion.

* The price of the Treasury's 10-year note was unchanged, and its yield fell to 4.48 percent, from 4.49 percent on Wednesday.

* The dollar rose against the Japanese yen and the euro. In late New York trading, a dollar bought 109.77 yen, up from 108.94 late Wednesday, and a euro bought $1.2344, down from $1.2396.

* Light, sweet crude oil for August delivery settled at $40.77, down 20 cents, on the New York Mercantile Exchange.

* Gold for current delivery fell to $404.20 a troy ounce, from $405.40 on Wednesday, on the New York Mercantile Exchange's Commodity Exchange.