economy
January 23, 2026
Trump policies to boost low-end consumer into the midterms, says JPMorgan. These stocks will benefit
The Trump administration could ramp up its affordability work heading into the midterm election season, the bank said.
TL;DR
- The Trump administration's affordability efforts have had limited impact but could increase before the midterm elections.
- A policy shift towards affordability favors value-oriented themes.
- Stocks sensitive to the low-end consumer are tactically preferred.
- Reasons for optimism include tax cuts and decreasing gasoline prices.
- Trump's actions on credit card rates and housing purchases indicate a focus on affordability.
- JPMorgan identified U.S. companies with exposure to lower-income consumers: Dollar General, Dollar Tree, and Upstart Holdings.
- Dollar General and Dollar Tree stocks performed well in 2025, while Upstart Holdings finished 2025 down.
- Analysts have a buy rating on Dollar General and Upstart Holdings, and a hold on Dollar Tree.
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