The E-mini S&P 500 futures contract (ES) is a cash-settled equity index futures contract traded on CME Globex that gives traders exposure to the S&P 500 Index. Each ES 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, Sunday evening through Friday afternoon, and expire quarterly in March, June, September, and December. See our futures contract specifications guide for more.
| Contract Symbol | ES |
| Contract Size | $50 x S&P 500 Index value |
| Tick value | $12.50 per tick (0.25 index points) |
| Trading hours | Sunday 6:00 pm ET – Friday 5:00 pm ET |
| Intraday Margin | View current ES intraday margins |
What is the E-mini S&P 500 futures contract?
E-mini S&P 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 exposure to movements in the U.S. stock market through a standardized futures contract.
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.
ES vs MES: which E-mini S&P 500 contract should you trade?
Many traders evaluating E-mini S&P 500 futures are also comparing them to the Micro E-mini S&P 500 (MES), which is 1/10 the size and uses the same underlying index. Here's the difference at a glance:
| E-mini S&P 500 (ES) | Micro E-mini S&P 500 (MES) | |
|---|---|---|
| Multiplier | $50 × S&P 500 Index | $5 × S&P 500 Index |
| Tick value | $12.50 (0.25 index points) | $1.25 (0.25 index points) |
| Exchange | CME Globex | CME Globex |
| Trading hours | Sun 6:00 pm ET – Fri 5:00 pm ET | Sun 6:00 pm ET – Fri 5:00 pm ET |
| Best for | Larger account sizes, institutional hedging, scale-up positioning | New futures traders, fine-grained position sizing, smaller account sizes |
| Capital efficiency | One ES contract = ten MES contracts | Ten MES contracts = one ES contract |
Most traders new to equity index futures start with MES and graduate to ES as account size and confidence grow. The two contracts are mechanically identical aside from the multiplier, so a strategy developed and tested on MES translates directly to ES. For a full breakdown, see full Micro E-mini S&P 500 contract specs or MES futures explained.
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.
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. Commercial traders and large speculators make up a significant portion of the daily trading volume in 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. Pairing this awareness with an intro to technical analysis can help traders read these moves.
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 E-mini S&P 500 Index futures higher, while negative economic data can cause declines 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.
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 NinjaTrader’s trading simulator^ 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.
Full E-mini S&P 500 (ES) and Micro E-mini (MES) contract specifications
| Standard E-mini S&P 500 (ES) | Micro E-mini S&P 500 (MES) | |
|---|---|---|
| Symbol | ES | MES |
| Exchange | CME Globex | CME Globex |
| Contract point value | $50 USD | $5 USD |
| Minimum price fluctuation | 0.25 (50 × 0.25 = $12.50 per contract) | 0.25 (5 × 0.25 = $1.25 per contract) |
| Trading hours | Sunday 6:00 pm ET – Friday 5:00 pm ET | Sunday 6:00 pm ET – Friday 5:00 pm 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 no first notice date for this contract. | 3rd Friday of every listed contract month. There is no first notice date for this contract. |
| Settlement | Financially settled | Financially settled |
View all contract specs from CME Group.
How to trade S&P 500 futures with NinjaTrader
NinjaTrader’s futures brokerage offers competitive intraday margins on ES futures, access to simulated (paper) trading to practice before going live, and advanced charting tools including Order Flow+ to analyze volume at price within each bar. Traders can open an account and begin trading ES futures in minutes.
Ready to start trading E-mini S&P 500 Index futures and Micro futures? NinjaTrader is here to support you. With powerful features and daily premium market commentary with industry pros, NinjaTrader equips you with the tools you need to embark on your trading journey.
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FAQs about E-mini S&P 500 futures
The E-mini S&P 500 (ES) contract size is $50 times the current S&P 500 Index value. At an S&P 500 level of 5,000, for example, one ES contract represents a notional value of $250,000 ($50 × 5,000). This is one-fifth the size of the original, larger S&P 500 futures contract that was discontinued in 2021.
The minimum tick for E-mini S&P 500 futures (ES) is 0.25 index points, which equals $12.50 per contract. A one-point move in ES is worth $50 per contract. For the smaller Micro E-mini S&P 500 (MES), the same 0.25-point tick is worth $1.25.
E-mini S&P 500 futures trade nearly 24 hours a day, five days a week, from Sunday 6:00 pm ET through Friday 5:00 pm ET, with a 60-minute daily maintenance break starting at 5:00 pm ET. This near-continuous schedule allows traders to react to overnight news, pre-market economic reports, and global market events outside of regular U.S. stock market hours.
Margin requirements for ES futures vary by broker and change with market conditions. Two types of margin apply: initial margin set by CME Group (the exchange-mandated minimum to hold a position overnight) and intraday margin offered by brokers like NinjaTrader for day-trading positions closed before the session close. NinjaTrader publishes current intraday margins on our margins page. Learn more in margin in futures explained.
The E-mini S&P 500 (ES) has a $50 multiplier and a tick value of $12.50. The Micro E-mini S&P 500 (MES) is one-tenth the size—$5 multiplier, $1.25 tick value. MES gives traders access to the same S&P 500 market with significantly less capital per contract, making it a common starting point for new futures traders. Ten MES contracts are mechanically equivalent to one ES contract.
Simulated trading does not represent actual trading and is based on hypothetical conditions. Actual trading results may differ significantly due to factors such as market conditions, liquidity, execution, and the emotional and psychological impact of risking real money. Simulated trading is provided for educational and platform-familiarization purposes only and should not be relied upon as an indication or expectation of results in a live trading environment.