Contract Specs, Trading Hours, and How to Trade
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) |
What are ES futures?
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.
Why traders choose ES futures over stocks and ETFs
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.
Start Small With Micro E-mini S&P 500 Index Futures to Reduce Costs
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:
- Access to the most popular and liquid futures contracts
- Highly leveraged investment for more buying power**
- Reduced financial commitment vs. the E-mini contract
- Increased flexibility for position management
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.
Who Trades E-mini S&P 500 Index Futures?
The E-mini S&P 500 Index futures contract traders can be broken down into three main groups:
- Commercial traders are typically trading index futures to hedge their price risk on a large portfolio of stocks. These traders are typically large banks, pension funds, mutual funds, or other institutional investors.
- Large professional speculators are typically speculating on the price movement of the E-mini S&P 500 futures contract. Typically, commercial traders and large speculators make up a significant portion of the daily trading volume in the E-mini S&P 500 futures.
- Self-directed retail traders make up the remaining daily trading volume in E-mini S&P 500 index futures and, like large professional traders, typically speculate only on the price movement of the futures contract. Many use analytical tools, such as an E-mini S&P 500 futures chart, to inform their decisions.
What Can Affect the Price of E-mini S&P 500 Index Futures?
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.
Macroeconomic Factors
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.
Interest rates and FED policy
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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Risks of E-mini S&P 500 Futures Contract Trading
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:
- Practice in a futures trading simulator that reflects live market conditions until you prove to yourself that you’re comfortable with market swings. When you start trading with real dollars, trade small to start and work your way up.***
- Build a well-defined futures trading plan, including clear entry and exit criteria, analysis of market conditions, and a schedule for when you are (and aren’t) going to trade.
- Keep abreast of economic activity that may move the major stock market indexes, including changes in interest rates, economic reports, and international and domestic news.
***Simulated trading is hypothetical and does not reflect actual trading or real-world results.
E-Mini S&P 500 Index Futures Contracts Specifications
| 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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