US benchmark equity indexes closed higher Tuesday as markets reacted to the latest economic data and comments from a Federal Reserve governor. The Nasdaq Composite rose 0.5% to 18,271.9, while the S&P 500 increased 0.2% to 5,776.7. The Dow Jones Industrial Average was flat at 42,587.5. Communication systems and consumer discretionary sectors had the biggest gains, while utilities saw the steepest decline.

US Treasury yields were lower, with the 10-year rate dropping about 2.9 basis points to 4.3%, and the two-year rate down by 1.9 basis points to 4%.

May West Texas Intermediate crude oil increased 0.1% to $69.16 a barrel on Tuesday.

In economic news, new-home sales in the US increased less than expected in February, even as prices dropped, government data showed.

US consumer confidence waned for a fourth consecutive month in March as future expectations plunged to a 12-year low amid economic uncertainty, the Conference Board reported. "Consumers' expectations were especially gloomy, with pessimism about future business conditions deepening and confidence about future employment prospects falling to a 12-year low," said Stephanie Guichard, senior economist of global indicators at the Conference Board.

Fed Governor Adriana Kugler said the Federal Open Market Committee can react to new developments by holding its benchmark lending rate steady "for some time" as it monitors incoming data and the cumulative effects of new government policies.

In company news, CrowdStrike was among the top gainers on the S&P. Its shares were up 3.3% as BTIG upgraded the stock to buy from neutral. Northrop Grumman was up 2.3%. The company is bidding for the US Navy's contract to build a next-generation carrier-based stealth fighter and the announcement for a winner is expected this week, according to Reuters. Boeing and Lockheed Martin have also submitted detailed proposals and prototypes for evaluation, the report said.

Merck shares were down 4.8%, the worst performer on the S&P 500. The company secured exclusive global rights to develop and sell China-based Jiangsu Hengrui Pharmaceuticals' heart disease drug for up to about $2 billion. Cassava Sciences shares tumbled 32% after it said that topline results from a phase 3 trial of simufilam showed no treatment benefit for people with mild-to-moderate Alzheimer's disease.

Gold gained 0.3% to $3,025.20 per troy ounce, while silver was up 2.2% to $34.19 per troy ounce.

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