The U.S. and China postponed talks aimed at reviewing progress at the six-month mark of their phase-one trade agreement, people familiar with the matter said. The president has now officially ordered the Chinese owner of the popular music video app TikTok to sell its U.S. assets, citing national security grounds, and hinted that further executive action could be forthcoming, specifically mentioning Alibaba. (Bloomberg)

In earnings news, Home improvement behemoths Home Depot and Lowe's are expected to report same-store sales growth of 10.9% and 14.3%, respectively, this week for fiscal Q2. The surge in demand, which surprised even veteran executives, is being driven by people remaining at home during the pandemic who are devoting time and resources to home upgrades. Foot traffic at HD is up 35% since April. (SA)

Gold miners are enjoying an extended rally, exclusive of the COVID-19 sell-off in March, as the price of the ore continues to climb, up ~28% this year. For gold miners, the bad news is the expected long-term rise in mining costs due to the difficulties in extracting the precious metal in less-hospitable places. The grade of ore being mined and the amount of metal per ton of rock extracted, is also falling, now 1.46 grams per ton, far below more than 10 grams in the early 1970s. Executives, wary of the costly overexpansion during the last run-up, have used the bull market to pay down debt and increase dividends rather than start new projects. (FT)

With Northwest Quadrant Wealth Management, a Registered Investment Advisor I am Josh Fenili.