President Donald Trump loves talking about stock market records, and the markets have given him plenty to work with. The Dow Jones just sailed past 50,000 for the first time ever. But here's the thing: voters aren't particularly impressed, and his approval numbers show it.

The Numbers Tell an Uncomfortable Story

A fresh Morning Consult poll puts Trump's approval at 45% with disapproval at 52%. That's actually a step backward from two weeks ago, when he sat at 46% approval and 51% disapproval. So much for the rally effect.

The breakdown by party affiliation reveals some interesting patterns:

• Republicans: 86% approval, 14% disapproval
• Democrats: 11% approval, 79% disapproval
• Independents: 33% approval, 60% disapproval

Here's what's surprising: Trump's support actually increased among Democrats and Independents, while his Republican base softened slightly from 87% two weeks prior. The president's overall approval sits near the lowest point of his second term, well below the 52% he enjoyed when he was inaugurated last January. For context, he stood at 47% approval around this point in his first term, making him measurably less popular now.

Trump's favorable rating mirrors the trend at 44% favorable versus 53% unfavorable. His net favorability has been underwater for most of his second term.

Voters Want Lower Grocery Prices, Not Higher Stock Prices

The poll was conducted between February 6 and February 9, right after the Dow Jones Industrial Average punched through that psychologically significant 50,000 level.

But voters have other priorities. A full 70% say healthcare and cost reduction should be top presidential concerns. The problem? Only about half of voters believe Trump has actually made these priorities, with 48% saying he's focused on healthcare and 52% saying he's prioritized cost reduction.

When it comes to performance on healthcare and the economy specifically, Trump gets approval ratings of 42% and 44% respectively. Meanwhile, his disapproval on these two issues stands at 49% and 48%, the highest disapproval marks in the entire survey.

The message is pretty clear: record stock market levels don't mean much to people worried about paying for insulin or eggs.

How the Markets Are Actually Doing

The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, is essentially flat in 2026, down just 0.05%. Over the past 52 weeks, it's gained 12.0%.

The SPDR Dow Jones Industrial Average ETF (DIA), tracking that record-breaking Dow index, is up 3.1% year-to-date in 2026 and has climbed 10.8% over the last year.

Strong performance by any measure. Just not the kind of performance that translates to political capital when people are still feeling squeezed at the checkout line.