A prolonged government shutdown could be one of the top items on the minds of voters across the country, which is taking attention away from record highs for stock market indexes according to a new poll.
• SPY is in a favorable position. Watch the momentum here.
President Trump's Approval Rating Falls
President Donald Trump's approval rating has been low in recent months, hurt by items such as the economy, inflation, tariffs, unemployment and geopolitical issues. Voters are now also dealing with the government shutdown, which began on Oct. 1, which could continue to be one of the longest shutdowns in American history.
A new Morning Consult poll shows Trump with an approval rating of 45%, down from 46% in the previous week. Trump's disapproval rating rose to 53%, gaining one percentage point from the previous week.
Both these poll figures are tied as the lowest approval and highest disapproval rating for Trump in 2025.
Morning Consult is also tracking approval ratings by state, with figures for all 50 listed in their report. Of the 50 states, Trump has a positive net approval rating in only 24 states, or less than half.
Georgia and Arizona are the latest states to have a negative net approval rating, with the percentage of voters who disapprove of Trump higher than the percentage of voters who approve of the president.
Read Also: Trump Has The Longest Shutdown — But Another President Racked Up More Days
Trump's Best and Worst States
With Georgia and Arizona turning negative for net approval rating, this marks the first time in Trump's second presidential term that all seven "swing states" from the 2024 presidential election have negative ratings for the president.
Here are the net approval ratings for Trump in the swing states:
- Arizona: -2
- Georgia: -1
- Michigan: -5
- Nevada: -3
- North Carolina: -3
- Pennsylvania: -2
- Wisconsin: -8
The map from Morning Consult shows the top states for approval of Trump and the states that disapprove of him the most.
Here are the top states for Trump, based on net approval rating:
- Wyoming: +26
- Idaho: +24
- West Virginia: +24
- North Dakota: +21
- South Dakota: +20
- Alabama: +20
Here are the worst states for Trump, based on net approval rating:
- Vermont: -37
- Maryland: -30
- Massachusetts: -29
- Rhode Island: -25
- Hawaii: -22
- California: -21
- Oregon: -21
Interestingly enough, the map shows that Florida, Trump's home state, has a net approval rating of +6.
Government Shutdown Top Issue
Voters in the poll said the government shutdown is one of the top issues. A near majority (49%) said they've seen, read or heard a lot about the shutdown.
This ranks higher for news and attention than the Israel-Hamas cease-fire, which saw 35% of voters say they had seen, read or heard a lot about the issue.
Trump's lower approval ratings overall and lower net approval ratings in several states come with stock market indexes hitting record highs multiple times in recent months.
The SPDR S&P 500 ETF Trust (NYSE:SPY) has hit over 25 new all-time highs in 2025, with the most recent coming past week.
The ETF, which tracks the S&P 500, closed at $660.64 on Thursday, versus a 52-week trading range of $481.81 to $674. The ETF is up 13% year-to-date.
Higher stock prices have been one area often used by Trump and the Republican Party to show the health of the economy, while other factors like unemployment and higher costs are weighing on American consumers.
Investors have so far mostly ignored headlines about tariffs and economic concerns and sent stocks higher. That isn't enough for the majority of voters polled to approve of the president.
Did You Know?
- Congress Is Making Huge Investments. Get Tips On What They Bought And Sold With Our Easy-to-Use Tool
Photo: Brian Jason from Shutterstock
