After a close 215–214 vote, the House barely pushed through President Trump’s “One Big, Beautiful Bill", a 1,116‑page, $3.8 trillion mashup of permanent tax cuts and deep social‑spending rollbacks. It locks in the 2017 tax cuts and sprinkles in new perks, like a beefed‑up child tax credit, a one‑time deduction on car‑loan interest for American‑made vehicles, and a tax break on overtime pay and tips until 2028. But on the opposite side, nonpartisan analysts warn the wealthiest Americans will pocket the biggest benefits, while folks at the bottom could lose ground when Medicaid, SNAP and student aid get slashed. The Congressional Budget Office warns the deficit will still balloon by another $3.8 trillion between 2026 and 2034. Fiscal critics in both chambers aren’t exactly cheering, leaving conservatives grumbling about the size of the package, while senators from Alaska to Maine are itching to rewrite key provisions. Now the bill heads to a Senate majority where the real tug‑of‑war will decide if it will be enacted.

EQUITY

Wall Street is unsure what to make of President Trump’s freshly passed tax-and-spending bill, with the main board index ending flat to slightly lower although tech stocks gain slightly. Solar stock Sunrun slipped and fell, wounded by a 37% wipeout as a new bill ending key renewable energy credits this year. With the bill packing massive tax and spending cuts, it's expected to add $5.2 trillion to its debt, according to BBC, putting bond market into focus.

GOLD

Gold took a breather from its rally, dipping nearly 1% on Thursday to a low of $3,280 per ounce as the US dollar bounced, snapping a three-day winning streak. Yet, beneath the surface, tremors of US fiscal doubts, which were amplified by Moody's downgrade of the nation’s credit rating, kept the metal’s fundamental base covered, in addition to China’s insatiable appetite for gold, with imports soaring 73% in April to an 11-month peak. By Friday, gold trimmed earlier losses, about to end the week in the green.

OIL

Oil prices fall on supply glut as OPEC+ considers increased production capacity by 411,000 barrels per day in July and U.S. crude stockpiles 1.3 million barrels. Meanwhile, ongoing U.S.-Iran nuclear negotiations, with a fifth round scheduled for this weekend, could further affect the energy market depending on their outcome. In the meantime, traders are closely monitoring the Baker Hughes rig count, a key indicator of future U.S. oil and gas production, to assess upcoming supply trends.

CURRENCY

The dollar has softened against the euro, yen, and Swiss franc, with safe-haven demand lifting these currencies even as Treasury yields hover near multi‑year highs. With elevated yields unable to fully support the dollar with ongoing foreign selling and the current Senate debate, currency markets remain tilted toward risk aversion and safe‑haven flows. Bitcoin, however, was able to maintain a valuation above $110,000.