U.S. stock indices fell with media companies leading declines amid concerns that consumers turn TVs off and favor other sources of information.

The Dow Jones Industrial Average fell 120.72 points, or 0.69%, to 17419.75. The S&P 500 dropped 16.28, or 0.78%, to 2083.56. The Nasdaq Composite lost 83.50, or 1.62%, to 5056.44.

Shares of Viacom fell 14% after the media company published a weak earnings report.

Investors were also cautious ahead of U.S. employment data. Labor market is one of key factors the Fed considers when making decisions about interest rates. The Labor Department reported on Thursday that initial jobless claims rose by 3,000 to 270,000 in the week ended August 1. Economists had forecast 271,000 new claims.

This morning in Asia Hong Kong Hang Seng climbed 0.94%, or 228.76 points, to 24,604.04. China Shanghai Composite Index rose 1.90%, or 69.49 points, to 3,731.03. The Nikkei gained 0.32%, or 66.03 points, to 20,730.47.

Asian stocks mostly climbed ahead of U.S. payrolls data. Meanwhile, the Bank of Japan voted to keep its massive monetary stimulus program at the current level, and maintained its assessment of the economy. The decision generally met expectations, that's why markets showed little reaction to the announcement.