Stock index futures are contracts on the future value of an index such as the S&P 500, and they trade nearly 24 hours a day, five days a week. Before the 9:30 a.m. ET open, they are the market’s best real-time estimate of where stocks will start. The E-mini S&P 500 trades on CME Globex from 6:00 p.m. ET Sunday to 5:00 p.m. ET Friday, with a one-hour daily pause from 5:00 p.m. to 6:00 p.m. ET.
Key takeaways
- E-mini S&P 500 futures trade on CME Globex from Sunday 6:00 p.m. to Friday 5:00 p.m. ET, with a daily break from 5:00 p.m. to 6:00 p.m. ET.
- Each E-mini S&P 500 contract is worth $50 times the S&P 500 index, and the smallest price move is 0.25 points, or $12.50.
- Futures usually trade a little above or below the cash index, so the change in futures says more about the open than the futures price itself.
What stock futures are
A futures contract is an agreement to buy or sell something at a set price on a future date. Stock index futures settle on the value of an index rather than a single stock. Traders use them to hedge portfolios, to take a view on the whole market, and to trade when the stock exchanges are closed.
The main U.S. contracts trade at CME Group: the E-mini S&P 500 (ticker ES), E-mini Nasdaq-100 (NQ), E-mini Dow (YM) and E-mini Russell 2000 (RTY), plus smaller “Micro” versions of each.
E-mini S&P 500: the key specifications
| Trading hours | Sunday 6:00 p.m. to Friday 5:00 p.m. ET; daily maintenance break 5:00–6:00 p.m. ET |
| Contract size | $50 × the S&P 500 index |
| Minimum price move | 0.25 index points = $12.50 |
| Contract months | March, June, September and December |
| Last trading day | Trading ends at 9:30 a.m. ET on the third Friday of the contract month |
Source: CME Group, E-mini S&P 500 contract specifications.
How to read futures before the open
Look at the change, not the level. Futures prices include “fair value”, an adjustment for interest rates and expected dividends until the contract expires. That means ES can sit several points away from the S&P 500 even on a quiet morning. What tells you about the open is how far futures have moved since the previous session’s close.
- Futures up 0.5% at 8:00 a.m. ET usually points to a higher open, unless news before 9:30 a.m. changes the picture.
- Nasdaq-100 futures moving more than S&P 500 futures often signals that large technology stocks are driving the day.
- Sharp moves at 8:30 a.m. ET usually follow economic data such as the jobs report or inflation figures. See our guide to the U.S. economic calendar.
Why futures and the open can disagree
Futures react to news as it happens, but the cash index can only open at 9:30 a.m. ET. If a single big stock reports earnings before the bell, its own pre-market move may differ from what index futures suggest. Low overnight volume can also exaggerate moves that fade once full trading starts. Our guide to pre-market trading hours covers how individual stocks trade before the open.
How PreMarket Daily uses futures
Our daily pre-market briefing leads with S&P 500, Nasdaq-100 and Dow futures, each with its source. The PreMarket Sentiment Index adds context on whether risk appetite is running hot or cold compared with the past year.
Frequently asked questions
What time do stock futures open?
U.S. equity index futures on CME Globex open at 6:00 p.m. ET on Sunday and trade until 5:00 p.m. ET on Friday, pausing each weekday from 5:00 p.m. to 6:00 p.m. ET.
Do futures predict where the market will close?
No. Futures show where the market is priced right now. They are a good guide to the open and a poor guide to the close, because news and flows during the day can reverse an early move.
What is the difference between an E-mini and a Micro E-mini?
A Micro E-mini contract is one-tenth the size of the E-mini, which lets smaller accounts trade the same index.
Why do futures move overnight?
Overnight moves come from earnings released after the U.S. close, news from Asia and Europe, central bank decisions and geopolitical events.
Last reviewed: November 8, 2026, by the PreMarket Daily editorial desk. Sources: CME Group. Futures are leveraged products and can lose more than the initial margin. This guide is general information, not investment advice.