Stock market indexes are hitting record highs this May, continuing a strong run in 2026. For investors, that's great news. But for many voters, the picture looks very different: higher gas prices and more expensive groceries are squeezing household budgets.
That disconnect is showing up in President Donald Trump's approval ratings. A new Emerson College poll puts his approval at 39%, down one point from last month and a new low for his second term. His disapproval rating stands at 55%, improving slightly from a record 56% in April but still deep in negative territory. The net approval rating of -16 ties April for the worst of his term.
The poll asked voters to pick the most important issue facing the country. The economy topped the list at 41%, the highest share for that issue in 2026. Threats to democracy came in at 19%, immigration at 11%, and health care at 9%.
The rising importance of the economy tracks with higher gas prices, which are weighing on consumers. It's a tale of two Americas: those who are benefiting from record stock prices and those who are struggling to make ends meet.
Retailer BJ's Wholesale Club (BJ) illustrates this divide. CEO Bob Eddy said after the company's recent earnings that lower-income shoppers are under spending pressure, middle-income customers show limited growth, and high-income shoppers are driving the gains. That split is playing out across the economy.
Meanwhile, the SPDR S&P 500 ETF Trust (SPY), which tracks the S&P 500, hit another all-time high of $755.15 on Thursday, continuing a string of records in 2026. But for many voters, those stock market milestones don't translate into approval of the president. The poll suggests that record highs on Wall Street aren't enough to offset the pain at the pump and the grocery store.
