E-mini S&P 500 futures (symbol: ES) are cash-settled index futures contracts traded on CME Globex. Each contract represents $50 times the current S&P 500 Index value, with a minimum tick of 0.25 index points worth $12.50 per contract. ES futures trade nearly 24 hours a day, five days a week, and expire quarterly in March, June, September, and December.
| Contract Symbol | ES |
| Exchange | CME Globex |
| Underlying Index | S&P 500 Index |
| Contract Size | $50 x S&P 500 Index |
| Minimum tick | 0.25 pts = $12.50 per tick |
| 1-point move | $50 per contract |
| Trading hours | Sun-Fri, 5:00 pm - 4:00 pm CT (1-hr daily break) |
| Expiration months | Mar/Jun/Sep/Dec |
| Micro contract | MES (1/10 size—$5 multiplier, $1.25 tick value) |
E-mini S&P (Standard and Poor’s) 500 Index futures are derivatives of the S&P 500 Index, providing traders with direct exposure to changes in the overall market. These contracts are among the most actively traded futures in the world, offering a straightforward way to participate in movements of the U.S. stock market.
Founded in 1957, the S&P 500 Index is regarded as a key benchmark for the U.S. stock market and plays an essential role in the global financial markets.
It’s a cap-weighted index, meaning each stock’s influence on the index price is determined by market capitalization. Larger companies have a greater impact on the overall price movement of the index, making it a key indicator of the market’s overall strength and direction.
E-mini S&P 500 Index futures track the performance of this benchmark, allowing traders to speculate on or hedge against broad market movements through a single, standardized contract.
E-mini S&P 500 Index futures give traders efficient access to the broader U.S. equity market and flexibility to manage risk or capitalize on opportunity regardless of market direction.
Benefits of trading E-mini S&P 500 Index futures include:
Easily go long or short based on your own view of upcoming stock market performance.
Hedge a stock portfolio against market declines for short or long periods of time.
React quickly to trading opportunities and breaking news before the stock market opens.
Start small with Micro contracts and scale up your positions with flexible contract sizes.
At 1/10th the size of the E-minis contract, Micro E-mini futures allow traders to access the highly liquid equity index futures markets with reduced costs including only $50 intraday margins.* Other advantages of trading these bite-sized contracts include:
Micro E-mini futures contracts provide a starting point for new futures traders to start small and scale up as they become more comfortable in the live markets.
*Intraday margin rates are subject to change and may vary by contract.
**Leverage also increases the risk associated with futures trading, and only risk capital should be used for trading.
The E-mini S&P 500 Index futures contract traders can be broken down into three main groups:
Because the S&P 500 is market-cap weighted, larger companies tend to have a greater influence on the index’s overall movement. As a result, earnings and news events related to the largest components can have a more pronounced impact on the index.
Economic indicators such as GDP growth, inflation rates, and employment data can have a significant influence on market sentiment and investor confidence when trading S&P 500 Index futures. Positive economic data, such as strong GDP growth or declining unemployment rates, can drive prices for the E-mini S&P 500 Index futures higher, while negative economic data can cause declines in prices as investors become more cautious and risk-averse.
Changes in interest rates and monetary policy decisions can also impact the price of the S&P 500 Index. When interest rates are low, it can stimulate borrowing and investment, which tends to boost stock prices. When interest rates rise, borrowing becomes more expensive, potentially reducing economic activity and causing stock prices to decline.
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The primary risk of trading E-mini S&P 500 Index futures is that the price of the index future will go against the trader’s position. When trading E-mini S&P 500 futures, it can be easy for traders to get caught up in the excitement of the price action.
Using appropriate trade sizing for your account size and having a robust trading risk management plan in place that includes stop losses or a trailing stop can help reduce your overall risk exposure.
Tips to keep in mind, especially for newer futures traders, include:
***Simulated trading is hypothetical and does not reflect actual trading or real-world results.
| Standard E-mini S&P 500 Index Futures | Micro E-mini S&P 500 Index Futures | |
|---|---|---|
| Symbol | ES | MES |
Exchange | CME GLOBEX | CME GLOBEX |
| Contract point value | $50 USD | $5 USD |
| Minimum price fluctuation | .25, (50 * .25 = $12.50 per contract per-minimum move) | .25, (5 * .25 = $1.25 per-contract per-minimum move) |
| Trading hours | Sunday 6:00 p.m. ET to Friday 5:00 p.m. ET | Sunday 6:00 p.m. ET to Friday 5:00 p.m. ET |
| Listed contracts | Quarterly: March(H), June(M), September(U), December(Z) - nine quarters out and three additional December contracts | Quarterly: March(H), June(M), September(U), December(Z) - five quarters out |
| Expiration style | 3rd Friday of every listed contract month. There is not a first notice date for this contract. | 3rd Friday of every listed contract month. There is not a first notice date for this contract. |
| Settlement | Financially settled | Financially settled |
| Additional Specifications | View all from CME Group | View all from CME Group |
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