E-mini Nasdaq-100 (NQ)

What NQ tracks

NQ is the E-mini Nasdaq-100 futures contract, listed on CME. It follows the Nasdaq-100 Index, which holds 100 of the largest non-financial companies listed on the Nasdaq. Each index point is worth $20 on one contract.

Because the Nasdaq-100 is weighted toward technology and growth companies, NQ often moves more in percentage terms than ES. The index level is also much higher than the S&P 500, so NQ covers many more points in a typical day. Those two facts make NQ dollar swings large for a single contract.

NQ contract specifications

Specifications come from CME Group: CME Rulebook Chapter 359, CME Micro E-mini FAQ. CME can change trading hours, listed months and other terms, and holiday schedules differ, so confirm the details on CME Group's site before you trade.

What moves NQ

Several forces tend to drive NQ prices. None of them predicts direction on its own, and they often pull in different ways at the same time.

• Economic data. Releases such as the monthly jobs report, CPI inflation and retail sales can move index futures sharply in the minutes after 8:30 a.m. ET.
• Federal Reserve policy. Rate decisions, meeting minutes and speeches by Fed officials change expectations for borrowing costs and stock valuations.
• Overnight news. Because futures trade nearly around the clock, they react to news from Asia and Europe before the US stock market opens.
• Mega-cap tech earnings. A handful of very large companies make up a big share of the Nasdaq-100, so their earnings reports and guidance can move NQ by themselves.
• Bond yields. Growth stocks are sensitive to interest rates. A sharp rise in Treasury yields often weighs on NQ more than on other index futures.

Example P&L math

Say NQ rises 50 points while you hold one long contract. That is 200 ticks of $5:

• 200 ticks × $5 = $1,000 per contract.
• A short position would lose the same $1,000. Losses and gains are symmetric before costs.
• On the micro contract, Micro E-mini Nasdaq-100 (MNQ), the same move is worth $100.

These figures exclude commissions, exchange fees and slippage. Those costs shrink a winning trade and add to a losing one.

To run your own numbers, use the tick value calculator and the position size calculator on our tools page.

Margin

CME Group sets minimum performance bonds (margins) for every contract, and each broker then sets its own requirement, which can be higher. Many brokers also offer lower day-trading margins for positions closed before the session ends. These figures change often, especially when markets get volatile, so we do not quote a number here. Check your broker's current margin page before you trade, and compare brokers on our futures brokers page. Remember that margin is not the most you can lose. Losses on a futures position can exceed the margin you deposit.

MNQ vs NQ

Both contracts follow the same market, so the chart looks the same. The difference is dollar size. MNQ is one-tenth of NQ, which means ten MNQ contracts carry about the same exposure as one NQ.

When MNQ fits: smaller accounts, learning, testing a strategy with real fills, scaling in and out in small steps, and prop firm accounts with tight daily loss limits. When NQ fits: larger accounts where the per-contract cost of trading matters, since one NQ usually costs less in commissions and fees than ten MNQ contracts. A larger contract also means each mistake costs ten times as much, so only step up when your stop sizes and account size support it.

Position sizing

A common approach is to decide how many dollars you are willing to lose on a trade, then work out how many contracts fit. For example, with $200 of planned risk and a 20-point stop on NQ, each contract risks $400, so even one contract exceeds that limit. You would need a tighter stop, a larger risk budget or a smaller contract.

This example ignores commissions, fees and slippage, which make real losses larger. Stops can also fill worse than planned in fast markets.

Expiry and rolling

NQ is cash-settled, so there is no physical delivery. If you hold to the end, your position closes at the final settlement price. Most active traders still roll to the next contract month a few days before expiry, when trading activity moves to the new month. Check the CME calendar for exact dates each month.

Related contracts

• Micro E-mini Nasdaq-100 (MNQ)
• E-mini S&P 500 (ES)
• E-mini Dow (YM)
• E-mini Russell 2000 (RTY)

See every contract we cover on the futures contracts page.

Frequently asked questions

What is the tick value of NQ?

One minimum tick on NQ is 0.25 index points, worth $5 per contract. The point value is $20 per index point.

What are the trading hours for NQ?

Sunday to Friday, 6:00 p.m. to 5:00 p.m. ET, with a daily break from 5:00 to 6:00 p.m. ET (CME lists this as 5:00 p.m. to 4:00 p.m. CT). Holiday hours differ, so check CME Group's holiday calendar.

Is NQ cash-settled or physically delivered?

NQ is cash-settled. The last trading day rule: third Friday of the contract month. Trading in the expiring contract stops at the scheduled 9:30 a.m. ET open of Nasdaq trading.

How much margin do I need to trade NQ?

Margins are set by CME and then by each broker, and they change with market conditions. Check your broker's current margin page, and see our futures brokers comparison.

Why does NQ move more than ES?

NQ is concentrated in technology and growth stocks, which tend to swing more than the broad market. The Nasdaq-100 also has a higher index level, so a similar percentage move covers more points. Combined with $20 per point, that makes NQ dollar moves larger.