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US stocks rallied on Wednesday as President Trump provided a one-month auto tariff exemption on Mexico and Canada.

After sliding earlier in the session, the tech-heavy Nasdaq Composite ( ^IXIC ) led the gains, rising more than 1.4%. Meanwhile, the Dow Jones Industrial Average ( ^DJI ) and the S&P 500 ( ^GSPC ) rose roughly 1.1%.

Stocks lifted higher after the White House delayed by one month auto tariffs that could significantly impact US automakers Ford ( F ), GM ( GM ), and Stellantis ( STLA ). Shares of all three automakers were at least 5% higher.

The move Tuesday came after nearly 24 hours of the administration signaling of some potential relief on tariffs after Trump imposed 25% across-the-board duties on Canada and Mexico on Tuesday.

A wave of selling hit stocks in recent days as investors fretted over potential harm to the economy from Trump's escalating trade war. The S&P 500 hit its lowest level in four months on Tuesday, erasing all of its post-election gains.

Meanwhile, a fresh look at the jobs market Wednesday provided another sign of potential cracks in the economy . Data from ADP showed that private-sector companies added just 77,000 jobs in February, a significant slump from January and also far below economist expectations. The ADP print is one in a series of jobs readings that tee up Friday's all-important nonfarm-payrolls report.