Let the string be stretched horizontally ( x axis) and plucked vertically (y axis)
If we ignore gravity then the only force acting after we have plucked the string and let go is the tension in the string.
The tension is constant in magnitude throughout the string, but since it is parallel to the tangent to the string, its direction changes from point to point. It is this change of direction that introduces actual changes within a string element dx.
If \varphi is the angle made by the element with the x-axis at the beginning of a small element dx and (\varphi+\delta\varphi) at the end.
Bearing in mind that the tensions in the small element point in opposite directions at each end, the components are
Vertically
Tsin(\varphi+\varphi\delta) - Tsin(\varphi)
It is this difference, which is a rotation, that provides the vertical displacement force.
Note that when \varphi is zero the element is horizontal and sin(\varphi) is zero so there no displacement force
Horizontally
The stretching force is
Tcos(\varphi+\varphi\delta) - Tcos(\varphi)
Note that when the element is horizontal T points horizontally at both ends so there is no net horizontal foce acting.
Here is a derivation of the wave equation using this information.