Here's a puzzle for you: the stock market is hitting record highs, but the president's approval rating is stuck underwater. A new poll from Morning Consult shows that for many voters, what's happening on Wall Street isn't as important as what's happening at the grocery store, the doctor's office, and the gas pump.
President Donald Trump's approval rating is at 44%, with 53% disapproving. That puts him at a net negative nine points overall. He's underwater with Democrats and Independents, though he maintains strong support from his base, with an 82% approval rating among Republican voters. For context, Trump began his second term matching his record high in this poll at 52%.
So, what's dragging the numbers down? It boils down to affordability. When asked what the president should be paying more attention to, 72% of voters said "lowering costs" and another 72% said "health care affordability." But there's a big gap between what voters want and what they think Trump is doing. Only 47% believe he's concerned about lowering costs, and only 44% think he's concerned about health care affordability.
That 28-point gap on health care is the largest among a dozen issues tested. The only items where a majority (50% or more) believe Trump is concerned are "stopping illegal immigration" and "mass deportations."
The third major affordability headache is energy. Sixty-three percent of voters say reducing energy prices should be a top priority, but only 41% believe it is for the president. This comes amid rising gas prices following strikes on Iran carried out by the administration. Trump's approval on handling energy sits at 45%, while his ratings on handling the economy and health care are both at 42%.
All these worries about daily costs stand in stark contrast to the headline-grabbing performance of the stock market. Both the S&P 500 and the Nasdaq 100 have been notching new all-time highs recently.
The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, is up 4.1% year-to-date and is trading near its record highs. The Invesco QQQ Trust (QQQ), which tracks the Nasdaq 100, recently enjoyed a 13-day winning streak and hit another new all-time high on Wednesday.
Trump himself highlighted the market's strength in a CNBC interview on Tuesday. But the poll suggests that for many voters, a rising stock market doesn't necessarily mean a rising standard of living. While some Americans are undoubtedly profiting from these gains, the poll results underscore how others are focused on more immediate financial pressures. It seems that for a significant portion of the electorate, portfolio performance and pantry prices are telling two very different stories.
