Last night after the stock market closed both Amazon (NASDAQ: AMZN) and Microsoft (NASDAQ: MSFT) released their second quarter earnings results for 2010.

Amazon reported earnings that disappointed investors and saw its stock plummet 10% in afterhours trading.

Amazon’s earnings failed to match analyst expectations as the company spent more on expenses than was expected. It also got hurt by strength in the dollar and weakness in the European economy, which hurt profits from international sales.

It forecast for the third quarter for sales to grow anywhere from 27% to 40% when compared with a year ago.

Meanwhile Microsoft reported earnings which pleased investors and saw its stock trade up a little in after hours action.

Microsoft beat analyst consensus estimates of $0.41 earnings per share by delivering profits of $0.51 earnings per share for the second quarter on revenue of 16 billion dollars.

Microsoft has sold 175 copies of Windows 7 so far this year.

Before the open S&P 500 futures are trading up 0.2% and it appears we’ll see the S&P 500 open right below its 1,100 resistance level.