Group 1 - COMEX gold inventory recorded at 1144.16 tons on July 3, a decrease of 8.17 tons from the previous trading day [1][2] - COMEX gold price closed at 3346.50 USD/ounce on July 4, up 0.31%, with an intraday high of 3355.00 USD/ounce and a low of 3332.80 USD/ounce [1][2] Group 2 - The recent fiscal legislation proposed by Trump aims to make the 2017 tax cuts permanent and introduces new tax deductions, including exemptions for tips and overtime pay [2] - The legislation includes significant cuts to Medicaid, making it harder for low-income Americans to qualify, and tightens food stamp regulations [2] - The bill allocates over 46 billion USD for border security and immigration enforcement, while raising the debt ceiling by 5 trillion USD [2] - The Congressional Budget Office (CBO) estimates that the new fiscal legislation will increase the U.S. deficit by 3.4 trillion USD over the next decade [2] - The national debt-to-GDP ratio is projected to rise from 97.8% to over 125%, significantly higher than the CBO's earlier forecast of 117.1% [2]

Group 1 - The core viewpoint of the articles indicates that the U.S. stock market has experienced significant volatility in 2025, with the S&P 500 index and Nasdaq index showing substantial declines from their peaks, but rebounding strongly since mid-April due to reduced policy uncertainty and expectations of a shift towards looser monetary policy by the Federal Reserve [1][2][4] - The rebound in the U.S. stock market is primarily driven by retail investors and liquidity, with a noted increase in risk appetite as the most pessimistic phase appears to have passed [1][4] - Analysts suggest that the volatility in the U.S. stock market is influenced by the performance of technology stocks, ongoing fiscal and trade deficits, and fluctuating tariff policies, which have all contributed to increased market uncertainty [2][3] Group 2 - The U.S. fiscal deficit for the fiscal year 2025 has reached $1.05 trillion, a year-on-year increase of 13%, raising concerns about the sustainability of U.S. government debt and challenging the high valuations of U.S. stocks [2][3] - The earnings growth of S&P 500 companies has shown resilience, with an expected earnings per share (EPS) growth of 7.5% for 2025, despite downward revisions in profit forecasts [5][6] - Current valuations of U.S. stocks are considered high, with the price-to-earnings (PE) ratio returning to levels seen in early March, indicating limited potential for further valuation increases [6]