The Conference Board announced on Tuesday its U.S. consumer confidence gauge fell 31.9 points to 86.9 in April from a 118.8 in March.

Economists had expected consumer confidence to come in at 88.0.

March's consumer confidence reading was revised up from originally estimated 120.0.

The survey, however, showed that the expectations index increased from 86.8 last month to 93.8 this month. Meanwhile, the present situation index plunged from 166.7 in March to 76.4.

"Consumer confidence weakened significantly in April, driven by a severe deterioration in current conditions," noted Lynn Franco, Senior Director of Economic Indicators at The Conference Board. "The 90-point drop in the Present Situation Index, the largest on record, reflects the sharp contraction in economic activity and surge in unemployment claims brought about by the COVID-19 crisis. Consumers' short-term expectations for the economy and labor market improved, likely prompted by the possibility that stay-at-home restrictions will loosen soon, along with a re-opening of the economy. However, consumers were less optimistic about their financial prospects and this could have repercussions for spending as the recovery takes hold. The uncertainty of the economic effects of COVID-19 will likely cause expectations to fluctuate in the months ahead."