New orders for U.S. manufactured durable goods saw a substantial decrease in the month of January, according to a report released by the Commerce Department on Tuesday.

The Commerce Department said durable goods orders plunged by 6.1 percent in January after falling by a revised 0.3 percent in December.

Economists had expected durable goods orders to tumble by 4.5 percent compared to the unchanged reading that had been reported for the previous month.

Excluding a steep drop in orders for transportation equipment, durable goods orders dipped by 0.3 percent in January after edging down by 0.1 percent in December. Ex-transportation orders were expected to rise by 0.2 percent.

At 9 am ET, Standard & Poor’s is scheduled to release its report on home prices in major metropolitan areas in the month of December.

Federal Reserve Vice Chair for Supervision Michael Barr is due to speak on “Counterfeit Credit Risk” before the Conference on Counterparty Credit Risk Management hosted by the Federal Reserve Bank of New York at 9:05 am ET.

At 10 am ET, the Conference Board is scheduled to release its report on consumer confidence in the month of February. The consumer confidence index is expected to inch up to 115.0 in February after jumping to 114.8 in January. The Treasury Department is due to announce the results of this month’s auction of $42 billion worth of seven-year notes at 1 pm ET.