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.
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 |
How to trade S&P 500 futures with NinjaTrader
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