US STOCKS-S&P 500 flat as tech boost counters data gloom

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* Weekly jobless claims back over 1 million
* Nvidia dips as data center business results disappoint
* L Brands rises after posting a surprise profit
* Intel jumps after announcing $10 bln share buyback plan
* Indexes: Dow dips 0.18%, S&P off 0.08%, Nasdaq up 0.34%

(Adds quote, details; updates prices)
By Medha Singh and Sruthi Shankar
Aug 20 (Reuters) - The S&P 500 index was little changed on
Thursday as gains in heavyweight tech stocks offset gloom over
downbeat data that underlined the Federal Reserve's view of a
difficult road to recovery.
The number of Americans filing a new claim for unemployment
benefits rose unexpectedly back above the 1 million mark last
week after slipping below that level for the first time since
the start of the pandemic.
A separate set of data from the Philadelphia Fed showed
business conditions index fell more than expected in August.
"Weekly jobless claims show how uneven the economic recovery
is going to be," said Art Hogan, chief market strategist at
National Securities in New York.
The volatility in jobless claims follows the lapse of an
extra $600 weekly unemployment benefit at the end of July and
comes at a time when Democrats in Congress and the White House
have failed to reach an agreement on extending it.
"I hope that anything that happens can push Congress to get
stimulus together. The longer Washington delays the next round
of stimulus, the more this market is going to find turbulence."
The S&P 500 and Nasdaq retreated from a record level a day
earlier after minutes from the Fed's latest policy meeting
highlighted that the labor market's swift rebound in May and
June had likely slowed. Economically sensitive financial .SPSY and energy .SPNY
sectors posted the biggest declines among major S&P sectors.
Technology .SPLRCT and communications services .SPLRCL ,
which includes Apple Inc AAPL.O , Amazon.com AMZN.O and
Netflix Inc NFLX.O , outperformed on bets of success in a
post-pandemic world.
Despite signs that parts of the economy were still far away
from pre-pandemic levels, the benchmark S&P 500 index completed
its fastest recovery from a bear market this week, joining the
Nasdaq in scaling new peaks.
At 11:19 a.m. ET, the Dow Jones Industrial Average .DJI
was down 50.89 points, or 0.18%, at 27,641.99 and the S&P 500
.SPX was down 2.79 points, or 0.08%, at 3,372.06. The Nasdaq
Composite .IXIC was up 37.72 points, or 0.34%, at 11,184.18.
Airline stocks took a hit, with the S&P 1500 airlines index
.SPCOMAIR dropping 1.1% after American Airlines Group Inc
AAL.O revealed plans to suspend flights to 15 U.S. airports in
October as travel demand remains low. Nvidia Corp NVDA.O slipped 0.3% after disappointing
results from the data center business overshadowed a better than
expected quarterly sales forecast. Intel Corp INTC.O rose 2% after announcing a $10 billion
share buyback plan.
L Brands Inc LB.N rose 6.1% after reporting a surprise
quarterly profit, boosted by strong demand for Bath & Body
Works' products as well as higher online sales of Victoria's
Secret lingerie. Declining issues outnumbered advancers for a 1.73-to-1 ratio
on the NYSE and for a 1.88-to-1 ratio on the Nasdaq.
The S&P index recorded 10 new 52-week highs and no new low,
while the Nasdaq recorded 45 new highs and 21 new lows.