S&P 500 and Nasdaq 100 futures are contracts that fix today the price of an index for a future date, and they trade almost 24 hours a day, Sunday evening to Friday evening (US Eastern Time). That makes them a reference for how Wall Street is positioned before the open, but they do not predict direction: they only show where the contract trades at that moment.
What they are and how they work
An index future is a standardized contract on an index. Nothing physical is delivered: it settles in cash. Expiries are quarterly (March, June, September and December), and the most traded contract is usually the nearest one. As expiry approaches, traders "roll" to the next date, which can make the futures price differ slightly from the cash index.
What each point is worth
| Contract | Index | Value per point | 10 points equal |
|---|---|---|---|
| ES | S&P 500 | USD 50 | USD 500 |
| MES (micro) | S&P 500 | USD 5 | USD 50 |
| NQ | Nasdaq 100 | USD 20 | USD 200 |
| MNQ (micro) | Nasdaq 100 | USD 2 | USD 20 |
Micro contracts exist to trade with less exposure. Always confirm the current specifications with the exchange that lists the contract (CME Group) before calculating risk.
Futures, cash index and CFD are not the same thing
| Concept | What it is | What to keep in mind |
|---|---|---|
| Future | Exchange-traded contract with an expiry | Trades almost 24 hours, with a quarterly roll |
| Cash index | The index calculation itself | Only updates while the stock market is open |
| Index CFD (US500, NAS100) | A product from your broker | Its price depends on how each broker builds it; read their terms |
In the AIMPATFX system, for example, US500 and NAS100 are CFD quotes. On October 11, 2026 at 19:22 UTC they showed the market closed (US500 7,814.9; NAS100 30,906.5). That is a system snapshot, not a live quote and not a future.
How to read them before the open
- Look at the change versus the previous close, not just the level.
- Separate the overnight session from regular hours. Overnight volume is usually lower and moves can reverse.
- Check the calendar and the day's news. On October 11, Yahoo Finance reported that US stock futures were starting the week ahead of bank earnings; it gave no times or figures, so confirm the schedule with official sources.
- Compare with your platform. Reopening times can vary by broker and holiday; check before Monday.
For session times, see forex market hours; for how to trade the indices through your broker, see Nasdaq 100 and S&P 500: how to trade the US indices.
Risks
Futures carry built-in leverage: a small move in the index can mean a large loss relative to your margin. With ES, 10 points are USD 500; on a small account a single trade can be too much. Define your maximum risk and your invalidation first; the risk management guide explains the calculation.
How AIM can help
AIM is the quantitative AI of AIMPATFX. With AIM Market you can review the bias, scenarios and invalidation for an index, and with AIM Risk you can calculate the mathematical position size for the risk you choose. It does not give orders or guarantee results.
Frequently asked questions
Do futures predict how the stock market will open?
No. They show the contract price at that moment; the open can differ.
What is the difference between ES and MES?
They track the same index at different sizes: ES is worth USD 50 per point and MES USD 5.
Can I trade futures from outside the United States?
It depends on your broker and local regulations. Check which products they offer and what requirements apply.
Is the US500 CFD the same as the future?
No. It is a broker product; check how it prices outside regular hours.
Educational information, not financial advice. Trading futures and CFDs carries a high risk of loss. Specifications: verify with CME Group (checked October 11, 2026).
