Low-income consumers may benefit from the recovery, and the businesses that serve them may benefit, according to JPMorgan. The bank’s head of equity strategy, Dubravko Lakos Bujas, said the White House’s current affordability efforts have had a “limited impact” so far. But he said President Donald Trump’s administration could ramp up efforts in this area ahead of the midterm election season. “As the administration prepares for midterm elections in November, policy decisions are shifting toward affordability and value-oriented themes are in favor,” Lakos-Bujas wrote to clients. Mr. Lakos-Bujas reiterated his strategic preference for stocks that are sensitive to lower-income consumers, which have struggled to beat desirable inflation rates for years. He cited tax cuts and gas price slides in the “big, beautiful bill” as reasons for optimism. The strategist also pointed to President Trump’s efforts to temporarily cap credit card interest rates and block financial institutions from buying homes as a sign of the emphasis on affordability. JPMorgan has identified U.S. companies with exposure to low-income populations. The companies that made the list are: Value retailers Dollar General and Dollar Tree were both included in the basket. Both stocks have seen strong growth in recent years, with Dollar General’s stock up about 75% in 2025, while Dollar Tree’s stock is up more than 64%. The average analyst surveyed by LSEG rates Dollar General a buy, while Dollar Tree rates it a hold. Both companies are expected to decline about 4% next year. DG DLTR 1 Year Mountain Dollar General vs. Dollar Tree, 1 Year Artificial intelligence-powered loan provider Upstart Holdings also made the list. Unlike dollar store stocks, the stock is coming out of a tough situation, declining 29% in 2025. But Wall Street sees a rebound ahead. The typical analyst surveyed by LSEG rates the stock a buy, with an average price target suggesting upside potential of more than 35%.
