The Daily Valet. - 9/1/21, Wednesday

✔️ Money Matters

September 01, 2021

Wednesday, September 1st Edition

Cory Ohlendorf, Editor in Chief of Valet.

Ready for September? Me neither. And yet, here we are.

Cory Ohlendorf, Editor ⋯ @coryohlendorf

Today’s Big Story

Stock Market Surprises

S&P 500 hovers near its all-time high and finishes the month up ... despite all the odds

U.S. stocks slipped Tuesday but posted overall gains for the month, buoyed by continued investor optimism even amid uncertainty surrounding the Delta variant of the coronavirus. I guess you could say that the good news is that bad news doesn’t seem to bother Wall Street these days.

There are wide-spread worker shortages and supply-chain bottlenecks, all the while consumer confidence has fallen to near-record lows. Yet, the stock market continued its quite remarkable year in August, posting its seventh straight monthly rise.

According to the New York Times, the S&P 500 index is up over 20 percent for 2021 and has more than doubled in value since it hit bottom in March 2020. The market has closed at a record high 53 times—the most by this point of the year since 1964.

The Wall Street Journal reports that all three indexes notched multiple records throughout August. Most recently, investors emerged with fresh optimism after Federal Reserve Chairman Jerome Powell emphasized again that the central bank shouldn’t overreact to this year’s inflation surge.

Concerns about pricing pressures have percolated throughout the market for much of this year, as prices of items ranging from used cars to lumber have surged. But Powell, speaking last week, argued that signs of inflation still appear likely to reverse on their own.

Is there anyway to predict how the markets will move? Interestingly, a new study shows “music sentiment”—aka a measure of collective positivity based on Spotify trends—can predict shifts in the financial market. The research finds “higher music sentiment is associated with higher returns to a country’s stock market.”

↦ FYI: Nearly 90% of companies exceeded analyst forecasts, the highest such level of “beats” on record, according to Refinitiv data going back to 1994.

DoorDash, Grubhub Are Being Sued

Hit with a lawsuit for ‘deceptive and unfair’ practices in Chicago

The city of Chicago is taking popular food delivery services Grubhub and DoorDash to court.

The lawsuit, described in a news release [PDF] from Mayor Lori Lightfoot's office, alleges that the two companies have been “engaging in deceptive and unfair business practices that harm restaurants and mislead consumers.” The city is seeking changes to the way each business operates (in the form of greater transparency), restitution for restaurants and customers, and fines.

Eater says the lawsuits have been universally celebrated by restaurant owners who feel the companies have gaslit them throughout the pandemic. The lawsuit alleges the company “used consumer tips to pay itself rather than its drivers.” There's also the question of the Chicago Fee. The city says DoorDash tried to make it seem like the Chicago Fee was being administered by the city—it was not.

Will this lead to more lawsuits? Perhaps. It's worth mentioning that Chicago's case didn't exactly materialize in a vacuum. According to Mashable, there's a lengthy history here that leads to Chicago's lawsuit. DoorDash and Grubhub both claim that this is without merit, but that's what the legal process is for. So stay tuned.

↦ FYI: The National Restaurant Association reported that restaurant and foodservice industry sales fell by $240 billion in 2020.

The Cost to Own a Car Increases

$10,000 a year? And it doesn’t even include all the gas station snacks.

Driving is getting more expensive. This year, the average driver will spend $9,666 to own a car. That translates to $805.50 per month. The annual figure is $105 higher than 2020's number, largely because cars are more expensive.

The numbers are based on the latest data by AAA. Of course, calculating out the exact dollar amount someone pays for transportation each year can be futile. Still, there's something to be learned from general trends—like the fact that the overall average cost to own and operate a new car in 2021 was nearly ten grand.

According to Car and Driver, the study found electric vehicles have lower per-mile fuel and maintenance costs, but they suffer from high depreciation rates (which can make buying a used EV tempting for those interested in such a vehicle). The vehicle segment with the highest overall driving costs is half-ton pickups, which cost an average of 77.3 cents per mile. The lowest? Small sedans, at only 48.2 cents per mile.

Using a proprietary formula, AAA has been figuring out what it costs the average driver to operate their car through these studies since 1950 and, while the methodology has been adjusted through the years, the mission remains the same: take the most popular models on the market and “[break] down the cost of owning a new car including depreciation, finance, fuel, insurance, registration, taxes and maintenance, repair and tires.”

↦ Meanwhile: Here's how the car industry has changed over the past year (and what's in store for the future).

Bose Brings Back a Classic

The new QuietComfort gets improved sound and battery, with that same iconic design

Bose is taking it back to the status headphones that started it all, the QuietComfort.

According to Acquire, the new QuietComfort 45 replaces the QC35—first released back in 2017. It brings some significant sound improvements that include improved noise-cancellation technology and a full transparency mode to hear your surrounding environment.

The company says these headphones “maintain the hallmarks of their predecessor" when it comes to audio quality, comfort, reliable controls and more. As you can see, the QC45 also keeps nearly the same design at the QC35, except for a few subtle changes. And at $329, they'll debut at a lower price than the previous two QuietComfort models.

Engadget reports that Bose also extended the battery life. You can expect up to 24 hours of listening time on a charge, as well as USB-C charging and voice isolation for clearer calls.

↦ BUY: Pre-order the QuietComfort 45 now for delivery on September 23.

In Other News

↦ Joe Biden Defended His Decision to Not Push the Afghanistan Withdrawal Into a “Forever Exit”

↦ Cam Newton Headlines Newly Released NFL Players Who Should Be Priorities on the Open Market

↦ After a Standoff With Democrats, Texas Republicans Pass New Voting Restrictions

Other Things We’re Talking About Today

The best (and worst) Bond films

A badass Rolex Air-King

This tactic for less screen-time

Boost Your WFH Productivity

Make your home office setup instantly better

As companies continue to push back their return to office dates, it's clear that many of us will continue working from home.

After all this time, you might still think your home desk setup could use a few more additions to make day-to-day working easier.

From task lamps and computer additions to seating and task timers, they're not big upgrades—and some aren't the sexiest of options—but they will all make for a more comfortable, more productive and all around better workday. If we eventually make it back into the office ... we're bringing these with us.

↦ WFH ESSENTIALS: Grab one (or more) of these to make your workdays a little easier.

Home Essentials on Sale Now

↑ If you want a plant that is as good looking as it is easy to care for, a snake plant ($38 / $29.01) is what you're looking for. Seriously, these are virtually impossible to kill. Plus, this particular plant species helps remove VOCs (volatile organic compounds) to purify the air in your home.

↦ Want More? 6 home essentials on sale