You can find the color- and luminance-adjusting effects in the Color Correction bin inside the Video Effects bin. Although other effects also adjust color and luminance, the Color Correction effects are designed for making fine color and luminance corrections.
You apply the Color Correction effects to a clip the same way you apply all Standard effects. The effect properties are adjusted in the Effect Controls panel. The Color Correction effects and other color effects are clip-based. However, you can apply them to multiple clips by nesting sequences. For information about nesting sequences, see Nest sequences.