The benchmark S&P/ASX200 index had been up by as much as half a per cent about midday Friday but ultimately closed just five points higher at 8,211.3 - a gain of 0.06 per cent.
The index dropped 0.87 per cent for the week and is down 0.71 per cent so far in October.
The broader All Ordinaries closed Friday up 13.4 points, or 0.16 per cent, to 8,467.3.
AMP chief economist Dr Shane Oliver said global shares had a rough patch in the past week on concerns about valuations and rising bond yields, even though economic and earnings data was mostly OK.
Long-term bond yields have been rising as investors reduce expectations for how much central banks, notably the Fed, will cut rates if Trump - whose policies suggest higher budget deficits - wins the presidential election, Dr Oliver said.
This was potentially a threat to share markets because the risk premium shares offered over bonds was already very narrow compared to what it had been since the global financial crisis, Dr Oliver said.
The valuation of Australia's share market was not as stretched as the US, but still could be vulnerable, he said.
Friday had a promising start after an overnight surge by Tesla, whose shares surged 21.9 per cent - their best performance in more than a decade - following the electric-vehicle maker reporting better-than-expected first earnings.
Moomoo market strategist Jessica Amir said Tesla's earnings beat and Netflix's from last week had fuelled optimism that other US tech giants such as Alphabet, Apple, Meta and Microsoft would also post cracker report cards.
Four of the ASX's 11 sectors finished higher on Friday and five closed lower, with energy and materials little changed.
Tech was the biggest mover, climbing 3.3 per cent as Wisetech Global soared 12.7 per cent, clawing back some of its losses from its week of turmoil.
Wisetech announced after Thursday's close that co-founder and chief executive Richard White would be stepping down effective immediately amid an investigation into his conduct while transitioning to a full-time consultant role set to give him wide influence within the company.
In the heavyweight mining sector, Newmont had plunged 13.6 per cent to a two-and-a-half-month low of $70.74, a day after the goldminer reported higher production costs.
Other goldminers were higher, with Northern Star up 5.1 per cent, Evolution adding 1.4 per cent and West Africa Resources advancing 4.9 per cent.
Elsewhere in the sector, BHP and Rio Tinto both added 0.3 per cent, to $42.39 and $118.08, while Fortescue dipped 0.7 per cent to $18.99.
In the energy sector, Whitehaven Coal rose 5.0 per cent to a one-week high of $6.74 after reporting that all of its coalmines delivered as planned or better in the September quarter.
In health care, ResMed had advanced 5.9 per cent to a three-year high of $37.73 after the CPAP maker announced its first-quarter revenue was up 11 per cent to $US1.2 billion.
The big four banks had a mostly quiet day, with ANZ flat at $31.71, Westpac and NAB edging 0.1 per cent higher at $32.14 and $38.95, respectively, and CBA adding 0.4 per cent to $144.02.
The Australian dollar was approaching a two-month low against its US counterpart, buying 66.24 US cents, from 66.44 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index on Friday gained 5.0 points, or 0.06 per cent, to 8,211.3.
* The All Ordinaries gained 13.4 points, or 0.16 per cent, at 8,467.3
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 66.25 US cents, from 66.44 US cents at Thursday's ASX close
* 100.64 Japanese yen, from 101.20 yen
* 61.24 euro cents, from 61.59 euro cents
* 51.11 British pence, from 51.38 pence
* 110.51 NZ cents, from 110.46 NZ cents.
12°C