The short version
- US stock index futures trade on CME Globex almost around the clock, from Sunday evening to Friday afternoon New York time.
- Before 09:30 New York time, futures give an early read on the likely direction of the opening, not a promise.
- Futures are leveraged contracts that expire; long-term investors can read them without ever trading them.
US futures live screens glow red or green long before Wall Street opens each morning. They show the prices of stock index futures, contracts that keep trading while the New York Stock Exchange is closed. This guide explains what those contracts are, how to read a futures quote, why it differs from the index itself, and why a long-term investor can watch them calmly or not at all. We do not publish live prices ourselves.
What US index futures are
A futures contract is an agreement to buy or sell something at a set price on a set future date. Stock index futures apply that idea to an index. The most watched US contracts are traded on CME Group's electronic Globex platform and track the S&P 500, the Nasdaq-100 and the Dow Jones Industrial Average.
The E-mini S&P 500 contract is worth $50 for each point of the index, and the Micro E-mini is worth $5 per point. Contracts expire quarterly, in March, June, September and December, and are settled in cash rather than by delivering shares. Traders who want to stay in a position roll it from the expiring contract to the next one.
When US futures trade
The main equity index futures trade from Sunday 18:00 to Friday 17:00 New York time, with a daily pause from 17:00 to 18:00. That covers the hours when Asian and European markets are open and US exchanges are shut. As a result, futures react first to overnight earnings, economic data from other countries, geopolitical events and moves in other markets.
Regular trading in US shares, by contrast, runs from 09:30 to 16:00 New York time on weekdays. Our market board shows which exchanges are open in your time zone right now.
How to read a US futures live quote
A typical futures screen shows each contract with a last price, a change and a percentage change. The change is usually measured against the previous day's settlement price, not against the index's close, and the two are calculated at slightly different times. Always check what a quote is compared with.
An illustrative example: if S&P 500 futures show 6,000 and are down 30 points, that is a fall of 30 ÷ 6,000 = 0.5%. On one E-mini contract, 30 points is 30 × $50 = $1,500; on one Micro, 30 × $5 = $150. At 6,000 the notional value of one E-mini is 6,000 × $50 = $300,000, and of one Micro $30,000. Those sizes are why futures are leveraged products.
Many free quote pages delay futures prices by several minutes. A small "delayed" note is easy to miss, so check before reacting to what looks like a live move.
Why futures and the index show different numbers
The futures price is not the same as the index level, even when both are trading. The gap, called the basis, reflects the cost of holding the underlying shares until expiry: roughly, interest that could be earned on cash minus the dividends that holders of the shares would receive. Analysts calculate a "fair value" for the futures, and some commentary compares futures with fair value rather than with the prior close to estimate where the index will open.
The gap shrinks as expiry approaches and disappears at settlement. This is also why the futures price appears to jump when attention moves from an expiring contract to the next one.
What futures tell you about the open, and what they don't
If futures are clearly lower before 09:30, the index will probably open lower. That is about all they reliably say. The first hour of trading can reverse an early move; news released at 08:30 New York time, such as employment or inflation data, can change the picture in seconds; and individual shares can move very differently from the index.
For a long-term investor, a pre-market reading has little bearing on a plan measured in years. It can be useful context for understanding the day's stock market news, which is how we suggest using it.
Share market live pages elsewhere in the world
The same idea applies outside the US. A share market live page for India, for example, shows the Nifty 50 and Sensex during the NSE and BSE session, which runs from 09:15 to 15:30 India time; outside those hours the numbers shown are the previous close, and index futures or offshore trading may be quoted instead. Wherever you look, check three things: whether prices are real-time or delayed, what the change is measured against, and whether the market is actually open.
Trading futures: a caution
Futures require only a margin deposit, so small index moves produce large gains or losses relative to the money put up. Brokers can raise margin requirements at short notice, and a position can be closed out if your account cannot cover losses. Our margin calculator is built for currencies, but the principle of position value divided by leverage is the same.
Reader questions
Do futures predict where stocks will close?
No. They show where traders are pricing the index at that moment, which gives a hint about the opening level. The rest of the day depends on news and trading that has not happened yet.
Why are futures trading on Sunday evening?
CME's equity index futures reopen at 18:00 New York time on Sunday, as markets in Asia begin their Monday. That lets traders react to weekend news before US stock exchanges open.
Are futures prices on free websites live?
Often they are delayed by several minutes. Check the page for a note about delays, and use your provider's platform if you need real-time prices.
Sources
- CME Group, E-mini and Micro E-mini S&P 500 futures contract specifications and trading hours
- National Stock Exchange of India and BSE, trading hours