Shares of Apple (AAPL, Fortune 500) fell 3.5% to end the day at $501.75. Earlier, the stock dipped below $500 a share. Apple's stock has not closed below $500 a share since February 2012.
The sell-off followed reports that Apple had cut orders for certain iPhone 5 components because of weakening demand for the latest version of the popular smartphone .
Apple was unavailable for immediate comment.
Apple's stock has been trending lower since September, when euphoria over the iPhone 5 debut pushed shares to an all-time high close of $702.10.
In October, Apple reported mixed results for its fiscal fourth quarter, saying it sold just shy of 27 million iPhones, up 58% from a year earlier. At the time, Apple was having trouble keeping up with demand for the iPhone 5.
The company recently shot down rumors that it was developing a cheaper version of the iPhone.
Apple will release its fiscal first-quarter results on Jan. 23. Analysts surveyed by Thomson Reuters expect earnings to decline 4% from the prior year, although estimates vary widely. Apple has not reported a drop in quarterly earnings in nine years. 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 15,468.47 | 80.89 | 0.53% |
| Nasdaq | 3,514.90 | 12.78 | 0.36% |
| S&P 500 | 1,677.58 | 8.42 | 0.50% |
| Treasuries | 1.98 | 0.03 | 1.59% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 13.57 | 0.13 | 0.98% |
| Pfizer Inc | 29.66 | 0.88 | 3.04% |
| Ford Motor Co | 15.20 | 0.25 | 1.67% |
| General Electric Co | 23.98 | 0.32 | 1.35% |
| JPMorgan Chase and C... | 54.27 | 1.25 | 2.36% |
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.65% | 3.65% | |
| 15 yr fixed | 2.80% | 2.78% | |
| 5/1 ARM | 2.59% | 2.60% | |
| 30 yr refi | 3.64% | 3.63% | |
| 15 yr refi | 2.79% | 2.78% |
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