Earnings season is well underway in the United States, and so far there have been mixed results.
The health of American car companies has long been a good barometer of the economy.
Earlier in the week, Ford reported better than expected US earnings in the three months ended June and raised its profit and sales forecasts for the rest of the year.
Now, its rival, General Motors has also turned a healthy profit in the same period.
The chief equity strategist at S&P Capital IQ, Sam Stovall, says with more than a third of American companies having reported their quarterly earnings, a clear picture is emerging.
"It's telling us that the economy is still growing at only a half-speed rate."
He says since the Second World War, growth has traditionally been much stronger.
"With earnings now increasing by about three-and-a-half percent on a year over year basis, it's showing that the gains are not what Wall St has been used to."
