Investors brace for a choppier fall as the Fed, inflation return to center stage

1. FROM MY DESK

The summer rally was good to investors. Autumn will be much trickier. As our reporting shows, investors are preparing for a bumpier stretch after a solid run powered by booming corporate profits and tech gains. September is historically the worst month of the year for stocks, but seasonal patterns aren’t the only concern. New reasons for investor caution have emerged—chief among them, the looming threat of an interest-rate increase from the Fed, which announces its next policy decision on Sept. 16.

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2. TODAY’S HEADLINES

Investigators probing an Amazon cargo flight crash that killed five people in Miami are scrutinizing the aircraft’s speed and the weather.Florida-based EverBank Financial has reached a deal to pursue a reverse merger with a smaller bank in the Pacific Northwest. The deal would create a regional bank with some $75 billion in assets.China’s economic planners are on a mission to make the nation into a “tourism powerhouse.”Greenland is cashing in on President Trump’s threats and talk of dealmaking by using its position as a strategic Arctic linchpin to draw investments from European allies.

3. LIVE FROM THE MARKETS

📈 Follow our live financial coverage all day.

Smart-ring maker Oura’s IPO filing this week listed a surprise underwriter: Robinhood Markets.Artificial intelligence is disrupting corporate software, but those companies have a lot more staying power than it might seem, writes Asa Fitch.

4. READ IT HERE FIRST

Corey Lewandowski chased side deals and flexed his influence at DHS.

Lewandowski effectively controlled billions in spending at the Department of Homeland Security while serving as a special government employee and close adviser to former Secretary Kristi Noem. During his tenure, Lewandowski pitched officials from Qatar and the U.A.E. to hire him on the side to help with agency matters, according to people familiar with the outreach. A wide-ranging probe by the department’s internal watchdog is scrutinizing potential improprieties in the contracting process, including evidence of personal enrichment by top officials, report Tarini Parti, Josh Dawsey, Michelle Hackman and Summer Said. Lewandowski denies seeking business or playing any role in the agency’s contracts.

5.

The unity of 9/11 sowed the seeds of America’s deep political division.

When terrorists attacked America on Sept. 11, 2001, they provoked a response that, seen from today’s perspective, seems remarkable: The country immediately united across every political and ideological divide. Alas, that 9/11 unity didn’t last, writes Gerald F. Seib, the former Washington bureau chief of the Journal. A quarter-century after terrorists struck the nation, a look back reveals how the aftermath fractured public trust and fueled today’s era of partisanship.

6. SEE THE STORY

Here’s how drones are infiltrating NATO territory in Europe.

NATO airspace in Europe is now an active front line. Almost every week this summer brought new reports of drone incursions over the alliance’s eastern frontier and North Atlantic Treaty Organization jets mobilized to shoot them down. In total, 16 NATO countries have reported airspace violations by drones—or found remnants of drones—in their territory over the past two years. Determining where the drones come from, their type and the intention of their operators is difficult.

7. HAPPENING TODAY

The 81st U.N. General Assembly opens in New York, with world leaders set to gather amid a record number of active global conflicts.Elections: New Hampshire holds primaries.Earnings: GameStop, Casey’s General Stores📰 Today’s paper

8. THE NUMBER

The square footage of San Francisco’s largest mall, which closed earlier this year and now stands as a glaring hole in the city’s AI-fueled renaissance. Once a thriving retail destination valued at $1.2 billion, San Francisco Centre is back on the market, with bids expected to top out at just $130 million. The Market Street property’s steep demise follows years of declining sales, crime concerns and an exodus of retailers.

9. AND FINALLY…

‘Jeopardy!’ just hired a new clue writer. Could you do the job? Take our quiz.

What’s harder than getting on “Jeopardy!” as a contestant? Landing a job writing the contestants’ clues. This summer, more than 1,300 applicants scrambled to fill a rare vacancy created when one of the quiz show’s eight full-time clue writers retired after 30 years. It was the first time in the 42-year history of the modern “Jeopardy!” that such a position was advertised to the public. Test your clue-writing skills with our quiz.

10. BEYOND THE NEWSROOM

Opinion: How Trump has helped make a Democratic Senate possible.WSJ | Buy Side: Looking for quick capital to bridge business funding gaps? These short-term business loans might help.

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Today’s newsletter was curated and edited by Morgan Smith and Tina Fuhr in collaboration with Editor in Chief Emma Tucker. Got a tip for us? Here’s how to submit.