Meanwhile, the Census Bureau reported that new home sales rose 1.8% in February to an annual pace of 676,000, down from January’s revised 664,000 level. The median price of a new home dropped to $414,500 from $446,300 previously, though monthly numbers tend to be volatile.

Americans are increasingly anxious about their financial prospects, with a closely watched gauge of consumer confidence slumping to a 12-year low amid growing concerns about tariffs and inflation. The Conference Board said Tuesday that its consumer confidence index fell 7.