The president is expected to tell a gathering of economists in New York that the economy is slowing but nonetheless is fundamentally sound and poised to return to higher growth. The speech is not expected to unveil new initiatives, according to the White House press office. But Bush may be able to provide soothe the anxieties of investors who increasingly are worried that the U.S. already is in recession.

The February consumer price report also has the potential to offer some cheer to investors worried about the economy. The Consumer Price Index is expected to post a 0.3 percent advance, which would show a slight moderation in inflation from the 0.4 percent increase in January, according to Thomson/IFR. Excluding volatile food and energy prices, February CPI is expected to increase by just 0.2 percent.

If the monthly consumer price report comes in as expected, it may lessen worries that inflation is heating up at the same time the economy is slowing. The prospect of simultaneous higher prices and lower economic activity is a kind of worst-case scenario for the economy and the Federal Reserve. That situation would place the central bank under simultaneous pressure to raise rates to slow inflation and to cut rates to stimulate the economy.

Ahead of the data report and the speech, the futures contract for the Dow Jones industrial average was down 24 points, or 0.2 percent, at 12,127. The futures contracts for the S&P 500 fell 1.30 point, or 0.1 percent, to 1314 while the Nasdaq 100 contracted gained 0.50 point, or 0.03 percent, to 1,756.25.