Here's a fun paradox for you: the stock market is hitting record highs, and yet President Donald Trump's approval rating on the economy just hit a new low. That's right — while the S&P 500 is partying like it's 1999, only 40% of voters approve of how Trump is handling the economy, according to a new Morning Consult poll. That's the lowest score for the economy in that poll since Trump started his second term in January 2025.

Let's dig into the numbers. Trump's overall approval rating is 42%, with 55% disapproving, giving him a net -13. That's tied for his worst showing in the Morning Consult poll since he took office again. And it's not just the economy — Trump lost ground on all 12 major issues tracked by the poll. Voters are most concerned about lowering costs (72% say it should be a top priority), healthcare affordability (69%), and reducing energy prices (64%).

The partisan breakdown is predictable: 84% of Republicans approve, 88% of Democrats disapprove, and independents are at 30% approval, 63% disapproval. But the economy is where the disconnect really shows. Only 40% approve of Trump's economic management, while 54% disapprove. That's the lowest economic approval rating in the Morning Consult poll since his second term began.

Meanwhile, the stock market is on fire. The SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, hit a new all-time high of $749.53 last week and is trading at $746.56 on Friday. The Invesco QQQ Trust (QQQ), tracking the Nasdaq 100, hit a fresh record of $722.12 on Friday. And the SPDR Dow Jones Industrial Average ETF (DIA), which follows the Dow, also set a new high of $508.71 on Friday.

So why aren't voters cheering? Because the economy isn't just the stock market. As the poll suggests, high stock prices help people who own stocks — but many Americans are feeling the pinch from higher gas prices, food costs, and consumer goods. The economy includes jobs, inflation, and the price of everyday stuff. If you're not invested in stocks, record highs on Wall Street might feel like a party you weren't invited to.

Trump has often pointed to the stock market as a sign of economic strength. But this poll shows that for many voters, that argument isn't landing. The gap between market performance and public perception is widening, and it's a reminder that what's good for the S&P 500 isn't always good for the person filling up their gas tank.