SPY
The market is thriving. Voters? Not so much.
Two things can be true at once: stocks are making fresh highs, and people still think the economy feels like a drag. That’s basically the headline here. The Washington Post/ABC News/Ipsos poll found Trump underwater on the economy, inflation, and especially cost of living, where 76% of respondents said they disapprove of how he’s handling it.
Your portfolio isn’t your grocery bill
This is the weird little split-screen investors always have to remember. The SPDR S&P 500 ETF Trust has been climbing like it’s got somewhere to be, but voters are judging the economy by what happens when they swipe a card at the supermarket or refill the tank.
- Overall approval: 37%
- Overall disapproval: 62%
- Economy approval: 34%
- Inflation approval: 27%
- Cost-of-living approval: 23%
That’s not a soft landing. That’s a faceplant.
Why markets should care
When affordability is the top political pressure point, it tends to shape policy talk around rates, tariffs, energy, taxes, and everything in between. In other words: even if the tape looks rosy, consumer sentiment can still be the thing that throws sand in the gears.
And yes, the poll also showed Trump weak across other issues, which only adds to the sense that voters are grading the administration on the price of eggs, gas, and health insurance — not the Nasdaq scoreboard.
Big picture: markets can keep partying, but if households still feel squeezed, the political hangover isn’t going away anytime soon.