Midday movers: Netflix, Rivian, Wolfspeed are rising; UPS falls

Investing.com -- Stocks were falling on Wednesday as investors prepared for the release of the Federal Reserve's meeting minutes from the June policy gathering.

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

• Netflix (NASDAQ:NFLX) stock rose 0.6% after Goldman Sachs upgraded the streaming giant to Neutral from Sell, citing the “overall positive current operating performance."

• Tesla (NASDAQ:TSLA) stock rose 0.3% after the EV manufacturer cut prices in Japan of its Model 3 and Y electric vehicles by low single-digit percentages from the start of this month.

• United Parcel Service (NYSE:UPS) stock fell 2.2% on the growing chance of a strike after the Teamsters Union said the parcel delivery firm had "walked away" from negotiations over a new contract, a claim denied by the company.

• United States Steel (NYSE:X) stock fell 4.3% after Exane BNP Paribas downgraded its stance on the steel producer to Neutral from Outperform ahead of its latest earnings report.

• Coinbase (NASDAQ:COIN) stock fell 0.4% after Piper Sandler downgraded the cryptocurrency exchange to Neutral from Overweight, citing the uncertainty caused by the recent case brought forth by the SEC, as well as the continued lack of regulatory clarity in the U.S.

• Wolfspeed (NYSE:WOLF) stock soared 13.6% after Renesas Electronics (TYO:6723) signed a 10-year deal with the chipmaker, worth up to $2 billion, for the supply of wafers to scale up the move into the power device market.

• Rivian Automotive (NASDAQ:RIVN) stock rose 2.2% with e-commerce giant Amazon (NASDAQ:AMZN) set to deploy its first European vans made by the EV maker in Germany over the coming weeks as part of long-term plans to electrify its transportation network.

--Peter Nurse contributed to this report