{"id":29240,"date":"2026-05-22T13:02:39","date_gmt":"2026-05-22T17:02:39","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/?p=29240"},"modified":"2026-05-22T13:02:40","modified_gmt":"2026-05-22T17:02:40","slug":"the-earnings-bedrock","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/the-earnings-bedrock","title":{"rendered":"Le fondement des b\u00e9n\u00e9fices"},"content":{"rendered":"\n <p>\n      Quiconque se concentre sur la r\u00e9cente remont\u00e9e du march\u00e9 boursier\n      am\u00e9ricain sans porter attention aux autres manchettes pourrait penser que\n      tout va bien dans le monde.\n    <\/p>\n    <p>\n      L\u2019indice S&amp;P 500 a bondi de 17 % depuis son creux de la fin mars\n      pendant la guerre en Iran et a pris 8,6 % depuis le d\u00e9but de l\u2019ann\u00e9e\n      jusqu\u2019au 20 mai.\n    <\/p>\n    <p>\n      Cette remont\u00e9e impressionnante s\u2019est concr\u00e9tis\u00e9e malgr\u00e9 une avalanche de\n      d\u00e9fis :\n    <\/p>\n    <ul class=\"list-spaced\">\n      <li>\n        Les probl\u00e8mes persistants d\u2019approvisionnement en \u00e9nergie et en engrais,\n        ainsi que les incertitudes quant \u00e0 savoir si la guerre entre les\n        \u00c9tats-Unis, Isra\u00ebl et l\u2019Iran pourrait se raviver et endommager davantage\n        les infrastructures de la r\u00e9gion.\n      <\/li>\n      <li>\n        Une autre vague d\u2019inflation int\u00e9rieure et mondiale li\u00e9e aux prix \u00e9lev\u00e9s\n        de l\u2019\u00e9nergie.\n      <\/li>\n      <li>\n        Les taux de rendement des obligations du Tr\u00e9sor \u00e0 des sommets in\u00e9gal\u00e9s\n        depuis des ann\u00e9es.\n      <\/li>\n      <li>\n        Les attentes du march\u00e9 quant \u00e0 la politique de la R\u00e9serve f\u00e9d\u00e9rale\n        am\u00e9ricaine, qui sont pass\u00e9es d\u2019une baisse de taux imminente \u00e0 au moins\n        une longue pause et m\u00eame une faible possibilit\u00e9 d\u2019une hausse plus tard\n        cette ann\u00e9e.\n      <\/li>\n      <li>\n        La confiance des consommateurs des \u00c9tats-Unis \u00e0 un plancher depuis le\n        d\u00e9but de la comptabilisation des donn\u00e9es en 1978.\n      <\/li>\n      <li>\n        Le pessimisme des Am\u00e9ricains \u00e0 l\u2019\u00e9gard de l\u2019\u00e9conomie selon plusieurs\n        sondages d\u2019opinion.\n      <\/li>\n    <\/ul>\n    <p>Le march\u00e9 boursier vit-il sur une autre plan\u00e8te?<\/p>\n    <!-- SECTION -->\n    <h2>\n      La construction li\u00e9e \u00e0 l\u2019IA s\u2019est taill\u00e9e la plus grande part du g\u00e2teau\n    <\/h2>\n    <p>\n      De notre point de vue, le march\u00e9 repose, comme d\u2019habitude, sur les\n      b\u00e9n\u00e9fices des soci\u00e9t\u00e9s. C\u2019est pourquoi il a surmont\u00e9 les difficult\u00e9s\n      jusqu\u2019\u00e0 pr\u00e9sent :\n    <\/p>\n    <ul class=\"list-spaced\">\n      <li>\n        La croissance des b\u00e9n\u00e9fices de l\u2019indice S&amp;P 500 s\u2019est \u00e9tablie\n        \u00e0 27,6 % sur 12 mois au premier trimestre.\n      <\/li>\n      <li>\n        Ce r\u00e9sultat est plus de deux fois sup\u00e9rieur aux pr\u00e9visions consensuelles\n        de 12,4 % juste avant le d\u00e9but de la p\u00e9riode de publication des\n        r\u00e9sultats \u00e0 la mi-avril.\n      <\/li>\n      <li>\n        Mis \u00e0 part les rebonds post-r\u00e9cession, la croissance des b\u00e9n\u00e9fices\n        d\u00e9passe rarement les attentes d\u2019une telle amplitude, c\u2019est-\u00e0-dire que\n        cette diff\u00e9rence saute aux yeux.\n      <\/li>\n      <li>\n        La construction en cours d\u2019infrastructures d\u2019IA en est de loin la\n        principale raison.\n      <\/li>\n      <li>\n        Pour ce qui est de l\u2019indice S&amp;P 500, les pr\u00e9visions consensuelles de\n        croissance des b\u00e9n\u00e9fices pour le premier trimestre du panier d\u2019actions\n        ax\u00e9 sur l\u2019IA sont pass\u00e9es de 23,6 % au d\u00e9but de janvier \u00e0 pr\u00e8s de 66 %\n        r\u00e9cemment.\n      <\/li>\n      <li>\n        Du c\u00f4t\u00e9 de l\u2019IA, les titres des semi-conducteurs et des biens\n        d\u2019\u00e9quipement pour semi-conducteurs ont men\u00e9 le bal, affichant une\n        croissance des b\u00e9n\u00e9fices de 85 % sur 12 mois au premier trimestre.\n      <\/li>\n    <\/ul>\n    <!-- EXHIBIT 1-->\n    <h3>\n      Les r\u00e9visions \u00e0 la hausse des b\u00e9n\u00e9fices des actions de l\u2019IA au premier\n      trimestre de 2026 ont \u00e9clips\u00e9 le reste du march\u00e9\n    <\/h3>\n    <h4>\n      Variation des estimations consensuelles de croissance des b\u00e9n\u00e9fices pour\n      le premier trimestre de 2026 sur 12 mois, du d\u00e9but de janvier \u00e0 la mi-mai\n    <\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/earnings-bedrock-fr-chart-1.png\"\n          alt=\"Variation des estimations consensuelles de croissance des b\u00e9n\u00e9fices pour le premier trimestre de 2026 sur 12 mois, du d\u00e9but de janvier \u00e0 la mi-mai\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"ex1desc\"\n        \/>\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-warm-yellow\"><\/div>\n            Actions de l&rsquo;IA*\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-dark-blue-tint-1\"><\/div>\n            Indice S&#038;P 500\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-tundra\"><\/div>\n            Indice S&#038;P 500 excluant les actions de l&rsquo;IA\n          <\/li>\n        <\/ul>\n        <p class=\"footnote\">\n          * Repr\u00e9sente le panier th\u00e9matique d\u2019IA de l\u2019indice S&amp;P 500 de\n          Bloomberg Intelligence, compos\u00e9 principalement de titres des secteurs\n          de la technologie de l\u2019information et des services de communications,\n          ainsi que de certains titres d\u2019autres secteurs.\n        <\/p>\n        <p class=\"disclaimer\">\n          Sources : RBC Gestion de patrimoine, Bloomberg; donn\u00e9es jusqu\u2019au\n          15 mai 2026\n        <\/p>\n        <p class=\"sr-only\" id=\"ex1desc\">\n          Le graphique compare la variation sur 12 mois des pr\u00e9visions\n          consensuelles de croissance des b\u00e9n\u00e9fices des actions li\u00e9es \u00e0 l\u2019IA de\n          l\u2019indice S&#038;P 500 selon le panier th\u00e9matique d\u2019IA de Bloomberg,\n          l\u2019indice S&#038;P 500 dans son ensemble et l\u2019indice S&#038;P 500 excluant les\n          actions li\u00e9es \u00e0 l\u2019IA, du 9 janvier au 15 mai 2026. L\u2019indicateur des\n          actions de l\u2019IA a commenc\u00e9 \u00e0 23,6 % et a augment\u00e9 de fa\u00e7on constante\n          pour s\u2019\u00e9tablir \u00e0 28,2 % le 24 avril. Par la suite, il a bondi pour\n          terminer \u00e0 65,9 % le 15 mai. L\u2019indicateur de l\u2019indice S&#038;P 500 a\n          commenc\u00e9 \u00e0 11,9 %, puis a l\u00e9g\u00e8rement recul\u00e9, puis a progress\u00e9 quelque\n          peu pour s\u2019\u00e9tablir \u00e0 13,7 % le 24 avril. Par la suite, il a bondi pour\n          terminer \u00e0 27,5 % le 15 mai. L\u2019indice S&#038;P 500 excluant les actions de\n          l\u2019IA a commenc\u00e9 \u00e0 8,1 %, puis a atteint un creux de 6,0 % le 6 mars,\n          avant de rebondir \u00e0 8,8 % le 24 avril. Il a par la suite d\u00e9pass\u00e9 les\n          12 % pour s\u2019\u00e9tablir \u00e0 14,4 % le 15 mai.\n        <\/p>\n      <\/div>\n    <\/div>\n    <p>\n      Lorsque les actions de l\u2019IA sont exclues des donn\u00e9es de l\u2019indice\n      S&amp;P 500, le taux de croissance des b\u00e9n\u00e9fices semble \u00e0 premi\u00e8re vue\n      beaucoup moins impressionnant, \u00e0 14,4 % sur 12 mois.\n    <\/p>\n    <p>\n      Les investisseurs doivent toutefois garder \u00e0 l\u2019esprit que ce taux de\n      croissance des b\u00e9n\u00e9fices de titres non li\u00e9s \u00e0 l\u2019IA est sup\u00e9rieur au niveau\n      moyen \u00e0 long terme de l\u2019indice S&amp;P 500. Il est plut\u00f4t \u00e9lev\u00e9 sur une\n      base historique, si l\u2019on exclut le segment du march\u00e9 qui cro\u00eet le plus\n      rapidement \u00e0 tout moment, surtout en dehors des rebonds post-r\u00e9cession.\n    <\/p>\n    <p>\n      Au premier trimestre, sept des onze secteurs sont en voie d\u2019accro\u00eetre\n      leurs b\u00e9n\u00e9fices \u00e0 des taux de plus de 10 %, y compris les mati\u00e8res, \u00e0\n      44 %, et la finance, \u00e0 pr\u00e8s de 23 % sur 12 mois.\n    <\/p>\n    <p>\n      Le taux de croissance global des b\u00e9n\u00e9fices de 27,6 % de l\u2019indice\n      S&amp;P 500 au premier trimestre est \u00e9galement impressionnant par rapport\n      \u00e0 la plupart des ann\u00e9es depuis 2014. Il s\u2019agit du taux de croissance le\n      plus \u00e9lev\u00e9 en dehors de la p\u00e9riode tr\u00e8s inhabituelle qui a suivi la\n      pand\u00e9mie de COVID-19, qui a fait suite \u00e0 une forte et abrupte r\u00e9cession\n      des b\u00e9n\u00e9fices et de l\u2019\u00e9conomie et qui a inclus des paquets d\u2019aide\n      budg\u00e9taire sans pr\u00e9c\u00e9dent.\n    <\/p>\n    <!-- EXHIBIT 2-->\n    <h3>\n      Le premier trimestre de 2026 a enregistr\u00e9 la plus forte croissance des\n      b\u00e9n\u00e9fices hors du rebond qui a suivi la pand\u00e9mie de COVID-19\n    <\/h3>\n    <h4>\n      Croissance trimestrielle du b\u00e9n\u00e9fice par action de l\u2019indice S&amp;P 500\n      (sur 12 mois)\n    <\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/earnings-bedrock-fr-chart-2.png\"\n          alt=\"Croissance trimestrielle du b\u00e9n\u00e9fice par action de l\u2019indice S&amp;P 500 (sur 12 mois)\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"ex2desc\"\n        \/>\n        <p class=\"disclaimer\">\n          Sources : RBC Gestion de patrimoine, Bloomberg; les donn\u00e9es du premier\n          trimestre de 2026 sont pr\u00e9liminaires jusqu\u2019au 20 mai 2026 et seront\n          finalis\u00e9es \u00e0 la fin de la p\u00e9riode de publication des r\u00e9sultats\n        <\/p>\n        <p class=\"sr-only\" id=\"ex2desc\">\n          Le graphique montre la croissance sur 12 mois des b\u00e9n\u00e9fices de\n          l\u2019indice S&#038;P 500 du premier trimestre de 2014 au premier trimestre de\n          2026. Il a d\u00e9but\u00e9 le premier trimestre de 2014 \u00e0 5,4 % et a atteint un\n          sommet de 10,3 % au trimestre suivant. Il a ensuite diminu\u00e9 de fa\u00e7on\n          constante pour atteindre -6,7 % au premier trimestre de 2016. Il a par\n          la suite commenc\u00e9 \u00e0 grimper, atteignant 25,4 % au troisi\u00e8me trimestre\n          de 2018. Il a ensuite recul\u00e9, atteignant un creux pendant toute la\n          p\u00e9riode de -31,1 % au deuxi\u00e8me trimestre de 2020, soit pendant la\n          r\u00e9cession des b\u00e9n\u00e9fices li\u00e9e \u00e0 la COVID-19. Il a commenc\u00e9 \u00e0\n          s\u2019am\u00e9liorer, puis a bondi consid\u00e9rablement, atteignant 96,1 % au\n          deuxi\u00e8me trimestre de 2021, pendant le rebond des b\u00e9n\u00e9fices qui a\n          suivi la pand\u00e9mie de COVID-19. Il s\u2019agit du plus haut niveau pour\n          l\u2019ensemble de la p\u00e9riode. Il s\u2019est par la suite repli\u00e9 et est devenu\n          n\u00e9gatif au quatri\u00e8me trimestre de 2022, puis a atteint un creux de\n          -5,8 % au deuxi\u00e8me trimestre de 2023. Il est depuis en territoire\n          positif, se situant la plupart du temps entre 4,5 % et 13,2 %, mais il\n          a bondi \u00e0 27,6 % au plus r\u00e9cent premier trimestre de 2026.\n        <\/p>\n      <\/div>\n    <\/div>\n    <!-- SECTION -->\n    <h2>Tenir compte des risques au Moyen-Orient<\/h2>\n    <p>\n      Tant que la croissance des b\u00e9n\u00e9fices de l\u2019indice S&amp;P 500 peut\n      augmenter \u00e0 un rythme respectable au cours des 12 prochains mois ou plus,\n      nous pensons que le march\u00e9 haussier peut persister, malgr\u00e9 certaines\n      turbulences en cours de route.\n    <\/p>\n    <p>\n      Par le pass\u00e9, une forte relation entre la croissance des b\u00e9n\u00e9fices et les\n      rendements boursiers s\u2019est \u00e9tablie.\n    <\/p>\n    <p>\n      Lorsque la croissance des b\u00e9n\u00e9fices augmente au cours d\u2019un certain nombre\n      de trimestres ou d\u2019ann\u00e9es, le march\u00e9 boursier a tendance \u00e0 demeurer \u00e9lev\u00e9\n      ou \u00e0 grimper. \u00c0 l\u2019inverse, lorsque la croissance des b\u00e9n\u00e9fices diminue en\n      p\u00e9riode de faiblesse \u00e9conomique ou de r\u00e9cession, le march\u00e9 a tendance \u00e0\n      fluctuer ou \u00e0 reculer.\n    <\/p>\n    <p>\n      Les pr\u00e9visions consensuelles tablent actuellement sur une croissance des\n      b\u00e9n\u00e9fices dans les deux chiffres au cours de chacun des six prochains\n      trimestres, en raison de l\u2019essor des infrastructures d\u2019IA dans un contexte\n      non r\u00e9cessionniste. \u00c0 ce stade-ci, Services \u00e9conomiques RBC pr\u00e9voit une\n      croissance du PIB des \u00c9tats-Unis de 2,1 % en 2026 et de 1,9 % en 2027.\n    <\/p>\n    <p>\n      Selon nous, les risques li\u00e9s \u00e0 ce sc\u00e9nario s\u2019articulent principalement\n      autour du Moyen-Orient :\n    <\/p>\n    <ul class=\"list-spaced\">\n      <li>\n        Si les infrastructures \u00e9nerg\u00e9tiques et chimiques de la r\u00e9gion sont\n        encore endommag\u00e9es en raison de la reprise du conflit militaire ou si\n      <\/li>\n      <li>\n        les flux de marchandises du d\u00e9troit d\u2019Hormuz demeurent limit\u00e9s pendant\n        une p\u00e9riode prolong\u00e9e.\n      <\/li>\n    <\/ul>\n    <p>\n      M\u00eame si les perspectives consensuelles de croissance des b\u00e9n\u00e9fices nous\n      semblent int\u00e9ressantes, la probabilit\u00e9 que le nombre de passages dans le\n      d\u00e9troit d\u2019Hormuz demeure comprim\u00e9 pendant des mois suppl\u00e9mentaires est\n      trop grande pour \u00eatre ignor\u00e9e. Nous continuerions de d\u00e9tenir les actions\n      am\u00e9ricaines selon une pond\u00e9ration \u00e9gale, mais pas sup\u00e9rieure, \u00e0 celle du\n      march\u00e9.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Le march\u00e9 boursier am\u00e9ricain affronte des difficult\u00e9s de tout bord, mais continue de se redresser. \u00c0 premi\u00e8re vue, le march\u00e9 peut sembler d\u00e9connect\u00e9 de la r\u00e9alit\u00e9. Toutefois, les b\u00e9n\u00e9fices des soci\u00e9t\u00e9s ont \u00e9t\u00e9 le principal stabilisateur.<\/p>\n","protected":false},"author":22,"featured_media":29241,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2026-05-21T09:11:16","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[1148,1099,703],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-29240","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-lia","tag-lindice-sp-500","tag-le-marche-boursier-americain","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Le march\u00e9 boursier am\u00e9ricain affronte des difficult\u00e9s de tout bord, mais continue de se redresser. \u00c0 premi\u00e8re vue, le march\u00e9 peut sembler d\u00e9connect\u00e9 de la r\u00e9alit\u00e9. Toutefois, les b\u00e9n\u00e9fices des soci\u00e9t\u00e9s ont \u00e9t\u00e9 le principal stabilisateur.","rbcwm_post_author":[949],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":"","disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Le fondement des b\u00e9n\u00e9fices<\/title>\n<meta name=\"description\" content=\"Le march\u00e9 boursier am\u00e9ricain affronte des difficult\u00e9s de tout bord, mais continue de se redresser. \u00c0 premi\u00e8re vue, le march\u00e9 peut sembler d\u00e9connect\u00e9 de la r\u00e9alit\u00e9. 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