NEW YORK (Reuters) - Wall Street dipped on Monday as concerns about demand for Apple products sent shares of the tech heavyweight lower and investors faced a busy week for earnings in what is expected to be a uninspiring quarter.
"It's clear from them reducing their supply orders that the sales haven't met their expectations, though certainly the orders they put into place for the iPhone 5 displays were higher than those that were in place for the prior phone," said Peter Jankovskis, co-chief investment officer at OakBrook Investments LLC in Lisle, Illinois.
"Certainly, the rate of growth that they had - the tremendous surge in their revenue, stock price, all things do eventually slow and come down, so it's not a big surprise - the big question always is when."
Apple suppliers also lost ground, with Cirrus Logic
The pace of earnings season picks up this week with 38 S&P 500 companies set to report, including Goldman Sachs
Overall earnings are expected to grow by just 1.9 percent in this reporting period, according to Thomson Reuters data.
President Barack Obama warned Congress at a news conference on Monday that a refusal to raise the U.S. debt ceiling next month, leading to a government shutdown, could trigger economic chaos.
"Again, we are dealing with a public relations type of approach trying to get to (Obama's) preferred result," Jankovskis said.
Separately, Federal Reserve Chairman Ben Bernanke will be speaking on monetary policy, recovery from the global financial crisis and long-term challenges facing the American economy at 4 p.m. (0200 EST).
The Dow Jones industrial average <.DJI> gained 0.76 points, or 0.01 percent, to 13,489.19. The Standard & Poor's 500 Index <.SPX> shed 4.24 points, or 0.29 percent, to 1,467.81. The Nasdaq Composite Index <.IXIC> lost 16.42 points, or 0.53 percent, to 3,109.21.
Appliance and electronics retailer Hhgregg Inc
The Dow, which does not list Apple as one of its components, fared better than the other two indexes as Hewlett-Packard
(Reporting by Chuck Mikolajczak; Editing by Kenneth Barry and Nick Zieminski)
(c) Copyright Thomson Reuters 2013. Check for restrictions at: http://about.reuters.com/fulllegal.asp