Your meter may have a diode test - if so, it will read about .7 one way, and open (infinite) the other way. By way, I mean red lead on the banded side, black lead on the non banded side, then reverse.

You need a specialized meter to read capacitors - however, sometimes a bad capacitor will offer visual clues, such as bulging, a lead blown off, the body exploded, chrystalization on the cap or under/around it.

You should lif one end of the diode before testing to make sure you're not reading something else.

Fuses should not drop voltage - they are basically a small piece of wire that burns up if the current gets too high. Check your fuse holders.