Stocks fell Wednesday morning on rising concerns over a potential trade war between the U.S. and China.
China on Wednesday announced new tariffs on 106 U.S. products, including soybeans, cars, aerospace and defense.
As a result, automakers such as Ford and General Motors shares fell sharply near the market open, but rallied to up more than 1 percent. Telsa's stock dropped as much as 5 percent before paring its loss and rising to up 7 percent. China is a key market for the electric car maker.