The Nasdaq is getting slammed

It's another red day for stocks and media stocks are taking most of the beating.

Near 12:15 pm ET, the Dow was off 138 points, the S&P 500 was down about 20 points, and the Nasdaq was off 93.

The Nasdaq was by far the biggest loser on a percent basis, falling 1.8%.

Viacom was leading media companies lower, tanking more than 21% after it reported quarterly sales below expectations this morning, citing lower-than-expected ad revenue from its US cable business.

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

Biotech stocks were also getting slammed, with the "IBB" ETF that tracks the sector falling nearly 4%. A decline in these issues was also weighing on the Nasdaq.

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 $44.31 per barrel.