U.S. Stocks Slip Despite Better-Than-Expected ADP Jobs Numbers; Lyft Posts Record Rides in July

U.S. stocks moved slightly lower on Wednesday, even amid a strong reading on private sector jobs. ADP said private payrolls increased by 179,000 in July, beating estimates of 165,000. The report tends to foreshadow the government's jobs figures on Friday. Plus, investors await the Bank of England's policy meeting, which wraps up on Thursday. This is the central bank's second meeting since the June 23 Brexit vote. 'We think there is going to be a rate cut,' said Maximilian Kunkel, cross-asset strategist at UBS Wealth Management, based in Zurich. Shares of The Clorox Company (CLX) - Get Report fell after reporting higher costs in its most recent quarter. Advertising expenses rose 27 percent during the quarter, while research and development expenses increased 7.8 percent. The company posted earnings of $1.26 a share, while analysts had expected $1.28. Finally, Lyft rides soared to 13.9 million in July, a record for the company, according to leaked documents obtained by Recode. TheStreet's Scott Gamm reports from Wall Street.