Stocks are dropping --  Dow down 129

Screen Shot 2015 08 06 at 11.51.18 AMGoogle FinanceNear 11:52 a.m. ET

It’s another red day for stocks.

Near 11:57 a.m ET, the Dow was down 129 points, the S&P 500 was down 18 points, and the Nasdaq was down 89 points. The Dow has closed lower every day this week and for the last five sessions.

Shares of media giants are selling off. Viacom tanked more than 21% after it earlier reported sales below expectations, citing a lower-than-expected ad revenue from its US cable business.

Shares of 21st Century Fox, Scripps Networks, and Comcast were also lower.

Keurig Green Mountain led declines on the S&P 500, falling nearly 30%. On Wednesday evening, the maker of one-cup coffee brewers reported quarterly results that indicated a forthcoming slowdown in sales.

Energy stocks were slightly higher on the benchmark index, as well as basic materials, with every other sector in the red.

In economic data, we got initial jobless claims at 270,000 for last week, up from 267,000 in the prior period, and up for a second straight week. The four-week average, which accounts for the volatility in the series, fell to 268,250 from 274,750.

This data comes ahead of the crucial jobs report on Friday.

Crude oil continues to slide, down nearly 2% near noon in New York at around $US44.31 per barrel.

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