Consumers are “spooked” by the Trump administration’s trade wars, cuts to the federal government by the so-called Department of Government Efficiency and the recent stock market sell-off, said Bill Adams, the chief economist for Comerica Bank.

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.