Weekly Market Wrap: Apple up, Electronic Arts soars, and Intel resurfaces

After a three-day losing streak, the market turned higher on Friday, yet still finished the week lower.

• Electronic Arts jumped on reports of $50 billion acquisition.
• Intel reacted positively to demands for increased domestic semiconductor manufacturing.
• The market digested the latest news impacting Fed interest rate cuts.

This week, the S&P 500 and tech-heavy Nasdaq Composite slipped 0.3% and 0.7% respectively. The Dow Jones Industrial Average was 0.2% lower, while the small-cap stock index, the Russell 2000, even after closing strongly on Friday, was down 0.6% this week.

Intel gained 4.4% due to President Doland Trump’s focus on domestic semiconductor manufacturing, while unexpected sales growth and upgrades in iPhone 17 led Apple to gain 4.6% this week. 

Electronic Arts, a video game company, emerged as a winner, up 11.7% after news of a $50 billion acquisition was released.

New Deals, New Tariffs: Market roundup

It was a busy market week. It started strong, accepting and reacting to the Fed quarter-rate cuts on Sept. 17. However, the market slowed after Fed Chair Jerome Powell’s speech on Sept. 23, in which he expressed uncertainty over further rate cuts due to an unstable economy.

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Worry over valuation resulted in weaker performance in tech stocks, but some gained momentum following new artificial intelligence spending agreements.

The Personal Capital Expenditure (PCE) report, released on Friday, measures core inflation by gauging changes in consumer prices. It showed an increase in the annual inflation rate to 2.7% from 2.6%.

Related: J.P. Morgan sends strong recession message on Fed interest-rate cut

That figure matched market expectations, giving respite and support to those expecting further rate cuts. However, in his speech earlier this week, Powell said the Fed would exercise caution before making new cuts.

In addition, Q2 U.S. Gross Domestic Product (GDP) was revised upward to 3.8% from 3.3% previously, signaling a stronger and growing economy. In Q1, GDP fell 0.6%.

This came alongside a series of new tariff announcements from President Doland Trump on his Truth Social page:

Starting October 1st, 2025, we will be imposing a 100% Tariff on any branded or patented Pharmaceutical Product,” except when the manufacturing plant is in America. He also announced a 50% tariff on all “Kitchen Cabinets, Bathroom vanities,” a 30% tariff on “upholstered furniture and a 25% tariff on all “Heavy (Big!) Trucks” made in other parts of the world to promote domestic manufacturing and for “National Security purposes!

Most major international drug manufacturers already have operations in the US or are negotiating deals to expand. Thus, their stocks did not see significant fluctuations after the announcement.

Intel rises, interest in domestic semiconductor manufacturing soars

Intel  (INTC) stock was up 4.4%, reaching a 52-week high on Friday, and gained 20% this week.

On Friday, the Wall Street Journal reported that the Trump administration is considering a new plan to introduce a 1:1 ratio to increase domestic semiconductor manufacturing drastically.

This new rule will require companies to ensure they manufacture the same number of semiconductors as their customers import from overseas. If not, they will have to face tariffs.

Intel's stock gained immediately after this news. Consequently, the stocks of other US-based chipmaking companies, such as Micron and Texas Instruments, were also positively impacted.

Related: Intel has a $13 billion headache

In August, the US administration bought a 10% stake in Intel and announced that tech companies could avoid 100% tariffs by increasing their domestic investments.

According to reports, Intel has sought Apple and chipmaker Taiwan Semiconductor Manufacturing Company, TSMC's assistance with manufacturing and investment. These negotiations began before the US administration’s stake in Intel was finalized.

Intel, once the biggest chipmaker, has struggled to secure investments and retain its hold in the market in recent years.

Electronic Arts rises on $50 billion acquisition

After news broke that Electronic Arts  (EA)  might go private after being acquired by a group of investors, its stock surged 14.8% on Friday, reaching a 52-week high.

The Wall Street Journal reported that private investment firms, Saudi Arabia’s Public Investment Fund, Silver Lake, and Jared Kushner’s Affinity Partners, are in advanced talks to acquire Electronic Arts in a $50 billion deal.

If successful, this will be the largest leveraged buyout of all time. This means that a majority of the funding will come from borrowing.

The news pushed company stocks to a new high and renewed investor interest. A multi-billion-dollar company, known for popular video games like FIFA, The Sims, and Madden NFL, its share price is up 32% year-to-date.

Demand for the new iPhone increases

When Apple  (AAPL) announced its latest iPhone 17 and Pro models on Sept. 9, its stock dropped ahead of the event. However, interest soon returned, and demand appeared strong when the new models became available.

Even after closing 0.6% lower on Friday, Apple stock gained 4% on the week, and analysts are bullish over its sales.

Related: Apple raised the price of the iPhone 17 Pro for this interesting reason

Bank of America analysts relate the success to the US carrier promotions.

“As per T-Mobile mgmt., iPhone activations are up double digits (new and existing customers). Verizon mgmt. Commentary also suggests strong upgrade activity in its existing base during the quarter, which we believe could carry through to the iPhone launch. Recent lead times indicate the iPhone 17 shipment times are more extended vs last year, while Pro and Pro Max are similar to last year. Reiterate Buy.”

Meanwhile, Evercore raised the firm’s price target to $290 from $260, keeping an Outperform rating.

Related: T-Mobile CEO sends Apple iPhone message