Good morning, CFOs. The PCAOB sees a leadership shake-up; consumer prices rose in June; plus, America’s biggest banks say the U.S. economy shows signs of resilience.

Public Company Accounting Oversight Board Chair Erica Williams is stepping down after Securities and Exchange Commission Chairman Paul Atkins asked her to resign. Her last day will be July 22, according to an email she sent to PCAOB staff.

“Today I accepted Erica Williams’ offer to resign as chair and a board member of the PCAOB and thanked her for her service,” Atkins said. “We look forward to advancing our oversight responsibilities of the PCAOB as it continues its important work.”

PCAOB leadership was revamped by the past two presidential administrations, and the watchdog has been bracing for another shake-up in President Trump’s second term—even its potential elimination.

📆 Earnings

• Bank of America
• Goldman Sachs 
• Johnson & Johnson
• United Airlines

📈 Economic Indicators

The BLS releases the producer-price index for June.

The Federal Reserve releases the beige book for the fifth of eight times this year.

Inflation picked up in June, a potential sign that companies are starting to pass tariff costs on to consumers.

Consumer prices rose 2.7% in June from a year earlier, the Labor Department said Tuesday, faster than May’s increase of 2.4%. That was in line with the expectations of economists surveyed by The Wall Street Journal.

Core inflation, which excludes volatile food and energy prices, was 2.9%, also in line with forecasts.

• U.S. Stocks Mostly Lower as Inflation Data Meets Forecasts
• Canada Inflation Accelerates in June, Likely Keeping Central Bank on Sidelines Again

• America’s biggest banks said on Tuesday that the U.S. economy showed signs of resilience despite escalating threats of a global trade war, an indication that American corporations and the consumer are still charging ahead.
• Some of the world’s biggest companies pledged tens of billions of dollars to accelerate the development of artificial intelligence in Pennsylvania, the latest splashy investments expected to draw praise from President Trump.
• A new brand of macaroni and cheese is winning market share and taking over shelves with its colorful boxes, cheeky names and focus on young adults who previously may have seen packaged powder and noodles as a meal choice to hide.
• Canadian Prime Minister Mark Carney said Tuesday it may not be possible to escape U.S. tariffs even with a bilateral agreement to resolve the current tariff row.

📰 Other headlines

• Nvidia Can Sell AI Chip to China Again After CEO Meets Trump
• Exclusive: Tesla’s Top North American Sales Executive Leaves Amid Slump
• China Adds Export Controls to Protect EV Battery Technology
• Wells Fargo Profit Rises After Lifting of Asset Cap
• Albertsons Revenue Climbs on Pharmacy, Digital Sales
• Renault Cuts Guidance in Tough Auto Market, Names Interim CEO
• Apple Commits $500 Million for Rare-Earth Magnets From U.S. Supplier
• Trump Effect Starts to Show Up in Economy
• Forget TACO. Trump Is Winning His Trade War.

Agilent Technologies, the Santa Clara, Calif.-based provider of analytical and clinical laboratory technologies, said its top finance executive, Bob McMahon, is leaving for family reasons. McMahon will step down as senior vice president and CFO at the end of the month as he relocates to the East Coast, the company said. McMahon has been Agilent's finance chief since September 2018. Rodney Gonsalves, Agilent’s corporate controller and principal accounting officer, will step in as interim chief financial officer until the company names McMahon's successor.

Renault, the French carmaker, elevated finance chief Duncan Minto to interim CEO, effective immediately, as the company slashed its financial targets for the year due to a worsening automotive market and stiff competition. Minto joined Renault in the U.K. in 1997. He went on to serve in the group's finance department in France in charge of investor relations before his appointment as finance director of Renault-Nissan Portugal in 2006. He became CFO of the Alpine brand in 2023 and was appointed CFO of Renault on March 1, 2025. The announcement comes weeks after Chief Executive Luca de Meo said he would step down to become CEO of French luxury-goods conglomerate Kering on Sept. 15.

—Colin Kellaher and Mauro Orru contributed to today’s Ledger.

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