Midday movers: UPS, General Motors, General Electric, Logitech, and more

© Reuters.

Investing.com -- U.S. stocks were trading higher Tuesday, as investors digest a deluge of corporate earnings ahead of a key Federal Reserve meeting.

Here are some of the biggest U.S. stock movers today:

• United Parcel Service Inc (NYSE:UPS) shares rose 1.7% after news that the logistics and package delivery giant had reached a tentative agreement with its union, averting a strike with just days to go until the deadline.

• General Motors (NYSE:GM) stock fell 4% after the auto giant lifted its full-year profit guidance, in large part because it plans to invest less in new products and cut operating costs by an additional $1 billion through the end of next year.

• General Electric (NYSE:GE) stock rose 5.8% after the industrial conglomerate raised its full-year adjusted profit forecast, betting on steady demand for aircraft engine spare parts and services from airlines looking to cash in on surging air travel.

• Verizon (NYSE:VZ) stock rose 1% after the telecoms giant posted a surprise rise in wireless subscriber additions as more users upgraded their mobile phones to access its 5G network.

• Goldman Sachs (NYSE:GS) stock was flat after Citigroup downgraded the investment bank to ‘Neutral’ from ‘Buy,’ saying its targets will take time to be achieved.

• 3M (NYSE:MMM) stock rose 4.8% after the industrial conglomerate lifted its full-year EPS guidance even after reporting a quarterly loss as it took a hit from a $10.3B settlement related to water pollution claims.

• Logitech (NASDAQ:LOGI) stock rose 13% after the maker of computer mice and keyboards raised its sales and profit outlook for the first half of the financial year 2024.

• Biogen (NASDAQ:BIIB) stock fell 3.7% after the biotech said it expects to cut about 1,000 jobs, or about 11% of its workforce, to save costs as the company ramps up the launch of a new Alzheimer's disease drug.

--Peter Nurse contributed to this report