US stock: Dow up 0.4 pct
Jobs and economic growth are seen as major themes of Obama's speech, scheduled to begin at 9 p.m. (0200 GMT Wednesday). Investors will also listen for any clues on a deal with Republicans to avert automatic spending cuts due to take effect March 1, including the tone of the speech.
The S&P 500 has risen for the past six weeks, putting it up 6.7 percent so far this year, while the Dow is about 1 percent away from its all-time intraday record of 14,198.10, reached in October 2007.
But gains have been harder to come by since the benchmark S&P index hit a five-year high on Feb. 1. The market has had to consolidate strong gains at the year's start while investors search for reasons to drive stocks higher.
"We're likely to settle in for a period and digest the gains we've had, though there's still a bias towards positive momentum," said Eric Teal, chief investment officer at First Citizens Bancshares in Raleigh, North Carolina. "Questions over government spending are the big overhang, and we're looking for Obama to inspire some confidence over that tonight."
The White House has signaled Obama will urge investment in infrastructure and clean energy, suggesting companies in those sectors may be volatile in Wednesday's session.
"Gun makers could also see a reaction
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