Consumer prices soared 8.6% in the 12 months through May, a 40-year high.

Growth bets attempted to overtake inflation concerns Tuesday but stocks end lower as bond yields rise and crude prices fade.

"We think we're well positioned for growth in fiscal year 2023 ... having said that, we did take a cautious approach to Greater China," said CFO Matthew Friend.

Stock futures higher on global growth bets; Morgan Stanley leads bank gains after dividend boost; Nike slides as margin pressures offset Q4 earnings beat; Playtika shares surge on report of Joffre Capital interest and Occidental shares jump as Buffett adds more to stake

"High energy prices are largely a result of underinvestment by many in the energy industry over the last several years and especially during the pandemic," Exxon said.

The legacy automaker has just made a decision that will affect consumers buying its electric vehicles via a lease.

A brief overnight inversion of the U.S. yield curve, as well as mounting signs of a near-term recession, have stocks on the back foot heading into the holiday-shortened week.