Wall Street shifted lower in early trading Wednesday as markets took in more corporate earnings reports while considering the impact of tariffs being imposed by the United States and China.

The quick recovery from what could be serious scares shows that traders are an optimistic bunch–and it’s hopefully a good sign for the rally that is now into its third year.

Tesla was particularly battered as it joined Apple (-3%) and Nvidia (-3%), as American multinational companies with the highest proportion of sales in China.

The stock market fell on Monday after President Donald Trump slapped tariffs on Canada, Mexico and China, eliciting threats of retaliation and setting the stage for a trade war. Traders demonstrated their jitters with a selloff of U.

Some calm is returning to Wall Street, and U.S. stock indexes are making only modest moves after much of Europe and Asia rose earlier in the day