Tech stocks take beating as Wall Street ends week with thud

Wall Street sputtered into Friday’s close with the three major indexes seeing red over a slew of economic data and headlines.

A sell-off in tech stocks spurred by worries that tensions between the US and China would intensify led the Nasdaq to shed 3.2 percent, to close at 7,788.45 this week — its worst weekly performance since March.

“Tech stocks have taken a lot of heat on the China issue,” Donald Selkin, chief market strategist at Newbridge Securities, told The Post.

Trade worries between the world’s two largest economies simmered in the background this week while a bombshell Bloomberg report said that China had infiltrated US companies including Amazon and Apple by inserting secret microchips into their products during manufacturing.

The report, published Thursday, was met with denials by Apple, Amazon and Chinese company Super Micro but nevertheless stoked worries in trading at the end of the week.

Apple shed 1.6 percent Friday, to close at $224.29, while Amazon fell 1 percent, to finish at $1,889.65.

The tech sell-off wasn’t just limited to companies mentioned in Bloomberg’s report.

Intel plunged 2.3 percent, to $47.03, making it the worst performer on the Dow Jones industrial average, which also suffered a down trading session, falling 180.43 points, to close at 26,447.05.

But it wasn’t just tech causing jitters this week.

Although markets started the week on a high note on positive economic data, Wall Street soon worried that the data were too good.

“This week the market had to deal with the rebranding of NAFTA — clearly a positive — as well as a rise in interest rates,” said Quincy Krosby, chief market strategist at Prudential Financial.

The early-week exuberance — in which the 30 Dow Jones industrials hit an all-time closing high of 26,828.39 on Wednesday — was eroded as Wall Street parsed statements on rate hikes made by Federal Reserve Chairman Jerome Powell on Wednesday.

Powell said at a conference that interest rates are “a long way from neutral,” leading many to believe that the Fed may raise its target more aggressively to prevent the economy from overheating.

The 10-year Treasury yield spiked to 3.23 percent Friday in anticipation of looming interest rate hikes.

The jobs report on Friday delivered a mixed bag. The headline figure from the Labor Department showed 134,000 jobs added in September — well short of the estimated 180,000.

The jobless rate, however, fell to 3.7 percent, its lowest level since 1969, and there were upward revisions to the last two months of data.

“This report — under the hood — is a strong report,” Krosby said.

“The question is can Powell deliver a soft landing,” she added.

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