NEW YORK — Stocks were mixed on Wall Street, with the Standard & Poor's 500 sliding further below a five-year high it reached last week. Apple tumbled on concern that demand for the iPhone 5 is waning.
The Dow Jones industrial average rose 11 points to 13,499 as of midday today, having fallen as much as 29 points at the start of the day. The S&P 500 fell 3 points to 1,469. The Nasdaq composite index fell 14 points to 3,111.
The Standard and Poor's 500 closed at a five-year high of 1,472 on Thursday, following a solid start to the fourth-quarter earnings reporting period and amid optimism that the outlook for global growth is brightening.
Apple's stock, which accounts for 10.3 percent of the Nasdaq index, slid $16 to $504.10 after The Wall Street Journal reported that the company has cut its orders for iPhone 5 components due to weak demand. Apple slipped below $500 a share for the first time in nearly a year in early trading. The stock has slumped 28 percent since closing at a record $702.10 in September.
Earnings reporting will pick up this week with many big U.S. banks, including JPMorgan Chase, Citigroup and Bank of America releasing results.
“The market is definitely in wait and see mode,” said Brian Gendreau, a market strategist at Cetera Financial Group.
Investors will be scrutinizing revenues, to assess whether the drawn-out debate over the “fiscal cliff” had an impact on consumer spending. A series of tax hikes and spending cuts, due to come into effect Jan. 1 were only averted by a last-minute deal.
Investors will also follow a speech about monetary policy from Federal Reserve Chairman Ben Bernanke. He is expected to speak in a question-and-answer session in Ann Arbor, Michigan beginning at 4 p.m. ET, just as the stock market closes.
Federal Reserve Bank of Chicago President Charles Evans, an alternate member of the Fed's Open Market Committee, said today in a speech in Hong Kong that central banks should help create conditions to foster “robust demand growth,” as the U.S. and other advanced economies try and reduce debt.
The yield on the 10-year Treasury note, which moves inversely to its price, fell 1 basis point to 1.85 percent.
Among other stocks making big moves:
— Health Management Associates fell 8 cents to $9.04 after the hospital operator said late Sunday that its preliminary earnings reflect tough economic conditions. The Naples, Fla., company said it expects to earn 19 cents to 21 cents per share on revenue of $1.48 billion, less than analysts had forecast.