NEW YORK (CNNMoney)
Tech shares were dragged lower by Apple (AAPL, Fortune 500), which briefly dipped below $500 following reports surfaced that the company cut orders for iPhone 5 components due to weak demand. The stock was the biggest loser in the S&P 500 and Nasdaq.
Offsetting the weakness were shares of Hewlett-Packard (HPQ, Fortune 500), which rose on news that it had dethroned Lenovo (LNVGF) as the top maker of personal computers.
Aside from the tech moves, Monday's trading is expected to be quiet as investors await bank earnings later in the week.
Goldman Sachs (GS, Fortune 500) and JPMorgan (JPM, Fortune 500) are due to report their results Wednesday, while Intel (INTC, Fortune 500), Bank of America (BAC, Fortune 500) and General Electric (GE, Fortune 500) are up later in the week.
Related: Will the bank stock rally last?
The Dow Jones industrial average and S&P 500 were down less than 0.1%. The Nasdaq fell 0.3%, as a nearly 4% drop in shares of Apple (AAPL, Fortune 500) weighed on the tech-heavy index..
United Parcel Service Inc (UPS, Fortune 500) announced it is scrapping plans for a $6.8 billion merger with TNT Express NV (TNTEY), a smaller Dutch delivery company. UPS blamed the European Commission for ruining the deal, saying the EC's antitrust regulator wouldn't allow it.
In other merger news, Swiss watch maker Swatch is buying Hollywood's go-to jeweler, Harry Winston. Shares of the exclusive jeweler's parent company, Harry Winston Diamond Corp. (HWD), rose 10%, even though the deal won't include its gemstone mining operations.
At 4 p.m. ET, Federal Reserve chairman Ben Bernanke is scheduled to give a speech and take public questions at the University of Michigan.
U.S. stocks finished little changed Friday, a day after the S&P 500 closed at a 5-year high, as investors digested earnings from Wells Fargo (WFC, Fortune 500) and a fresh batch of economic data.
S&P 500 companies are expected to report overall earnings growth of 2.4% for the last three months of 2012, according to FactSet Research. That's better than the 1% decline in the third quarter. But excluding the financial sector, earnings growth for S&P 500 companies is expected to be just 0.2%.
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European markets were mostly higher in afternoon trading, and Asian markets ended the session higher.
The Shanghai Composite added 3.1% after a government official hinted that foreign investment in China's capital markets could be allowed to expand dramatically. Meanwhile, the Hang Seng added 0.6% while Japan's Nikkei was closed for a holiday.
Related: Yen plunges as Japan gambles for growth
The dollar fell against the euro, but gained ground versus the British pound and the Japanese yen.
Oil and gold prices edged higher.
The price on the 10-year Treasury rose, pushing the yield down to 1.85% from 1.88% late Friday. 
First Published: January 14, 2013: 9:50 AM ET
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