Here's an interesting disconnect: the stock market is setting records, President Donald Trump is promising it could double soon, and yet his approval rating keeps sliding. Turns out voters care a lot more about what things cost at the grocery store than whether the S&P 500 just crossed 7,000.

The Numbers Tell a Story

A new Morning Consult poll puts Trump's approval rating at 46%, with 51% disapproving. That's a net approval of -5, meaning more people are unhappy than happy. The breakdown by party affiliation looks predictably polarized: Republicans approve at 87%, Democrats at just 8%, and independents at 29%.

What's notable is the trajectory. Trump started his second term last January with a 52% approval rating. Since then, it's been mostly downhill, and he hasn't managed to climb back into positive territory. Interestingly, these numbers mirror almost exactly where he stood at this point during his first presidential term—44% approval, 51% disapproval back then.

What Voters Actually Care About

The poll asked voters what should be top priorities and whether they think these issues are actually top priorities for Trump. The gap between the two answers is revealing.

Lowering costs ranks as the highest priority for 73% of voters, but only 48% believe it's a top issue for Trump. Health care affordability is a priority for 71% of voters, yet again, only 48% think Trump is focused on it. Reducing energy prices matters to 58% of voters, with 43% saying Trump prioritizes it. Deficit reduction comes in at 49% for voters but just 37% for perceived Trump priorities.

Meanwhile, issues that Trump has championed receive mixed reviews from voters. Illegal immigration is considered a top priority by 42% of voters. Imposing tariffs ranked dead last among more than 10 items, with only 21% calling it a priority.

Performance Ratings on Key Issues

When voters were asked to rate Trump's handling of specific issues, he received net positive marks on immigration, national security, and energy—with approval ratings of 49%, 48%, and 45%, respectively. But notice that even on his strongest issues, he's not breaking 50%.

On the economy and health care, the two issues voters care most about, Trump's ratings are underwater. His economic approval sits at 44% with 50% disapproval. Health care is even worse: 40% approval, 51% disapproval.

When Stock Market Gains Don't Matter

This polling data arrives at a fascinating moment. The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, climbed 15.7% during the first year of Trump's second term. The index hit 7,000 for the first time on Thursday.

Trump has consistently celebrated market records and recently told attendees at the World Economic Forum in Davos that stock markets will trade higher. He suggested the market could double "in a relatively short period of time."

But here's the thing: market strength in 2025 hasn't translated into approval rating strength in most polls. The stock market might double, and that might eventually win over some voters. Right now, though, polls show that affordability and health care matter more to most Americans than whether their 401(k) is setting records.

It's a reminder that the stock market and the economy aren't the same thing for most voters. You can have record highs on Wall Street while Main Street still worries about paying for groceries and doctor visits.