US STOCKS-Wall Street slips as jobless claims climb back to 1 million

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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 falls 0.28%, S&P down 0.11%, Nasdaq up 0.34%

(Updates to market open)
By Medha Singh
Aug 20 (Reuters) - The S&P 500 and the Dow slipped further
on Thursday after weekly jobless claims rose unexpectedly back
above the 1 million mark last week, lending weight to the
Federal Reserve's view of a difficult road to economic recovery.
The benchmark index retreated from a record level a day
earlier after minutes from the Fed's latest policy meeting
showed the labor market's swift rebound in May and June had
likely slowed and that policymakers would stick with aggressive
stimulus measures for a much longer period. The number of Americans filing for a new claim for
unemployment benefits rose to 1.106 million in the week ended
Aug. 15 after slipping below the 1 million level for the first
time since the start of the pandemic, in the prior week.
A separate report from the Philadelphia Fed showed business
conditions index fell more than expected to 17.2 points in
August from 24.1 points in July.
"In the short term, if the jobless claim numbers come out
worse than expected, I could see that pushing Congress to get
another stimulus package going, maybe put more priority," said
Jeffrey Corliss, managing director and partner at
Connecticut-based RDM Financial Group at Hightower Securities
LLC.
"The Fed minutes brought a reality check that they're seeing
things out there (that) they're concerned about."
Economically sensitive financial .SPSY and energy .SPNY
sectors posted the biggest declines among major S&P sectors.
Real estate .SPLRCR , technology .SPLRCT and communications
services .SPLRCL outperformed.
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.
The Dow, however, is more than 6% below its February high.
Airline stocks took a hit, with the S&P 1500 airlines index
.SPCOMAIR dropping 2.4% after American Airlines Group Inc
AAL.O revealed plans to suspend flights to 15 U.S. airports in
October as travel demand remains low. At 10:08 a.m. ET, the Dow Jones Industrial Average .DJI
was down 78.78 points, or 0.28%, at 27,614.10 and the S&P 500
.SPX was down 3.68 points, or 0.11%, at 3,371.17. The Nasdaq
Composite .IXIC was up 37.47 points, or 0.34%, at 11,183.93.
Nvidia Corp NVDA.O slipped 0.2% after results from the
data center business of the rising semiconductor industry star
disappointed some investors. Intel Corp INTC.O rose 2.2% after announcing a $10 billion
share buyback plan.
L Brands Inc LB.N rose 7% 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 3.33-to-1 ratio
on the NYSE and for a 3.10-to-1 ratio on the Nasdaq.
The S&P index recorded four new 52-week highs and no new
low, while the Nasdaq recorded 16 new highs and 13 new lows.