U.S. stocks traded towards record highs for most of the day before declining in afternoon trading. Today met investors with more optimism towards trade, though multiple reports over the past week have questioned the accuracy of officials from both U.S. and China on whether or not the two sides were closing on a phase one trade deal in writing. The Dow Jones also slipped below its recent record of over 28,000 points due to a decline in shares from Home Depot (HD  ).

Here's how the U.S. markets closed Tuesday:

S&P 500 Index (SPY  ): -0.059% or -1.85 points

Dow Jones Industrial Average (DIA  ): -0.36% or -102.20 points

Nasdaq Composite Index (QQQ  ): +0.24% or +20.72 points.

Goldman Sachs (GS  ) economists wrote in a note Monday that they anticipate a lull in growth for both the U.S. and China economies as a result of the trade tensions that will begin to lessen in 2020. The economists estimate that "the trade war is currently subtracting roughy 1/2pp [half a percentage point] from sequential growth both in the U.S. and China. [Their] expectation of an extended truce implies that both should enjoy a 'subtraction of negatives' as this drag on growth abates in 2020." This all means that if both countries have an even agreement to end the trade war saga, then the two economies will make back their losses in 2020. But the trade war may not be over so soon, for this afternoon President Donald Trump stated in a Cabinet meeting that "If we (the United States) don't make a deal with China, I'll just raise the tariffs even higher."

In U.S. Economy News, the U.S. Department of Commerce released the data for monthly new residential construction for October, with housing starts reporting a rate of 1.314 million, which was below consensus expectations for an increase of 1.32 million. This is still a stronger reading than the revised September report of 1.266 million. Building permits on the other hand soared in October, rising by 5.0% to a rate of 1.461 million, making the reading the highest rate since May 2007.

In Stock Sector News, more sectors saw a drop in shares today, with some continuing to slump. The few that saw gains today include Health Care +0.65%, Information Technology +0.24%, Real Estate +0.18%, and Financials +0.16%. Those that have declined in trading today include Energy -1.47%, Consumer Discretionary -0.97%, Materials -0.32%, Communication Services -0.26%, Utilities -0.25%, Consumer Staples -0.25%, and Industrials -0.12%.

Lastly, in Commodity and Currency News, oil took a large hit today, with prices steeply dropping. West Texas Intermediate saw a decline of over -3% and Brent Crude dipped just over -2%. According to Reuters, oil is slumping due to concerns about excess global crude supply and limited progress toward resolving the trade war negatively impacting the future outlook of oil demand. Gold conversely saw gains today, with the metal's price increasing over 0.05% to price around $1,472 per ounce. Finally, the U.S. Dollar saw a slight increase today, with the DXY Index bumping up 0.02%.