A new election poll shows President Donald Trump's approval rating slightly above where he was at this point in his first presidential term. Since taking office last January, Trump's net approval rating has quickly fallen and failed to get back to positive.

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Trump's Newest Approval Rating

In a new Morning Consult poll, Trump's approval rating sits at 46%, with a disapproval rating of 51%. These ratings fall similar to several other national voter polls from January.

The latest Morning Consult poll sees Trump's net approval rating of -5, with more voters disapproving of the president than approving of him. Here's the breakdown by political party:

• Republicans: 87% approval, 11% disapproval
• Democrats: 8% approval, 90% disapproval
• Independents: 29% approval, 51% disapproval

Trump's approval rating was 52% when he began his second term last January. The rating has fallen since then and has yet to return to a positive net approval rating since dropping below the breakeven line.

Around this time in Trump's first presidential term, his approval rating was 44% with a disapproval rating of 51%, falling closely in line with his current ratings.

What Voters Want From Trump

In the latest poll, several top issues stand out to voters. When asked what they think the top priorities should be and whether they think the item is a top issue for Trump, economic issues stand out.

Lowering Costs gets the highest rating as a priority at 73%, but only 48% of voters believe it is a top issue for Trump. Similarly, health care affordability is a top priority for 71% off voters, but only 48% say it is for Trump.

The other top issues for voters are reducing energy prices and deficit reduction at 58% and 49%, respectively. These items are viewed as top priorities for Trump by 43% and 37% of voters, respectively.

Other items that voters believe should be less important include illegal immigration and imposing tariffs at 42% and 21%, respectively. Imposing tariffs ranked last among more than 10 items that should be a top priority.

Asked for approval ratings on Trump's handling of several items, he received net positive ratings on Immigration, National Security and Energy with approval ratings of 49%, 48% and 45%, respectively. While his approval was net positive, Trump received less than 50% on each item.

The economy and health care stood out as the top two items with the largest percentage of disapproval ratings at 50% and 51%, respectively. Trump's approval rating on the economy was 44% and on health care was 40%.

The latest poll comes as stock market indexes trade near all-time highs and set records in 2025.

The SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500, was up 15.7% during the first year of Trump's second term. The S&P 500 hit 7,000 for the first time on Thursday.

Trump has been known to celebrate the record highs of the market and recently encouraged more upside ahead for investors.

Speaking at the World Economic Forum in Davos recently, Trump said stock markets will trade higher. The president suggested the stock market could double “in a relatively short period of time.”

Strength in the stock market in 2025 failed to win over voters in terms of approval ratings in most polls. The stock market doubling may win over some voters, but polls are showing items like affordability and health care are more important to voters.