Recent polls show President Trump’s job approval in his second term hovering near or at series lows around 37 percent, pressured by sustained public dissatisfaction with inflation, gasoline prices, and the ongoing conflict with Iran that began in early 2026. Ratings on the economy and cost of living remain particularly weak, while border security and immigration attract comparatively higher support. Cumulative declines since the start of the term reflect these issue-specific trends, with recent surveys from Marquette, Rasmussen, and others confirming the softening. The November 2026 midterms represent the most immediate scheduled catalyst that could either intensify or temporarily stabilize sentiment depending on economic data releases and any diplomatic developments in the Middle East. Trader assessments of further downside therefore center on whether these pressures produce additional erosion before year-end.