Stocks Slip on U.S. Election Worries; Investors Await Fed Decision

U.S. stocks continued their downward slide early Wednesday as investors braced for the outcome of next week's presidential election. Meanwhile, the Federal Reserve releases its November statement this afternoon, a uniquely timed meeting that's close to the election and in the middle of a selloff in global markets. The ADP Employment Report showed the private sector created 147,000 jobs in October, missing estimates of 170,000. The report tends to foreshadow Friday's jobs report from the government. Time Warner (TWX) shares moved higher after reporting third quarter earnings of $1.83 a share, beating estimates of $1.37. Revenue of $7.2 billion also eclipsed Wall Street's forecast of $6.98 billion. The company is in the process of being acquired by AT&T (T) - Get Report . Alibaba (BABA) - Get Report shares rose after beating Wall Street's top and bottom line estimates for its most recent quarter. Revenue rose 55% year over year. The ecommerce company how has 439 million active annual buyers, compared to 386 million in the same quarter a year ago.