NEW YORK (AP) — Apple, the most valuable company in the U.S., slumped Friday, helping to drag down the stock market. A lack of progress in federal budget talks also discouraged investors.

Apple's stock dropped 4 after the launch of the iPhone 5 in Beijing failed to draw the long lines of customers that showed up for previous versions of the iPhone, according to news reports. Analysts at UBS cut their earnings estimates and price target for Apple, which lost $19.90 to close at $509.79.

The Standard & Poor's 500 index fell 5.87 points to close at 1,413.58, while the tech-heavy Nasdaq composite sank 20.83 points to 2,971.33. Apple is the biggest stock in both indexes.