The Nasdaq Computer Index closed Friday at 1,675.51 compared to 1,580.13 at the end of June. However, they were down by 16.53 points for the day, amid reports of European protests over austerity measures and concerns about the impending "fiscal cliff" in the U.S. -- a series of drastic government cuts set to be enacted starting next year if Republicans and Democrats cannot reach a budget compromise.

Tech share losses outweighed gains Friday. For example Apple, which last week hit a record closing price of $702.10 over euphoria about the just-released iPhone 5, slipped by US$14.22 Friday to close at $667.10. Though iPhone sales of 5 million units broke records, analysts said that they missed forecasts, and worried that problems in the could be a sign that Apple's vaunted quality control is slipping a year after Steve Jobs' death.

Tech companies reporting quarterly financials this week offered mixed results.

Enterprise Linux vendor Red Hat Monday reported that sales for the quarter ended Aug. 31 rose 15 percent year-over-year to $322.6 million, as subscription revenue increased 17 percent. Enterprise software has been a bright spot this year as consumer PC sales have slumped. However, Red Hat's net income dropped year over year by $5 million to $35 million.

Company officials ascribed the income drop in part due to an increase in investments in the company's storage business as well as small technology acquisitions, but otherwise were upbeat.