NQ futures explained: what moves the E-mini Nasdaq-100
NQ follows the 100 biggest non-financial companies on the Nasdaq, and tech leads the way. That's why its candles often look bigger than the S&P's.
At a glance
| Item | NQ (E-mini Nasdaq-100) |
|---|---|
| What it is | A futures contract on the Nasdaq-100 index |
| Tick size | 0.25 index points |
| One tick is worth | $5.00 ($20 per full point) |
| Busiest hours (ET) | 9:30–11:00 am, last hour before 4:00 pm, and after big tech earnings |
| What moves it most | Big tech earnings, bond yields, the Fed, inflation data |
| Trading hours | Sunday 6 pm to Friday 5 pm ET, daily break 5–6 pm ET |
Check cmegroup.com for current specs before you trade.
What moves it
The Nasdaq-100 leans hard on a handful of giant tech companies. So NQ has its own set of triggers.
- Mega-cap earnings. When one of the biggest tech names reports after 4:00 pm ET, NQ can jump in the evening session.
- Bond yields. Growth companies are valued on profits far in the future. Higher long-term rates make those future profits worth less today, so NQ often reacts strongly to yield moves.
- The Fed. FOMC statement 2:00 pm ET, press conference 2:30 pm ET.
- Inflation. CPI at 8:30 am ET can set the tone for rates, and so for tech.
- Big themes. News about chips, AI spending or tech rules can move the whole group.
When it's busiest
- 8:30 am ET on data days: the first jolt.
- 9:30–11:00 am ET: the stock market opens and NQ is usually at its most active.
- Midday: often slower.
- 3:00–4:00 pm ET: activity returns into the close.
- After 4:00 pm ET in earnings season: big single-company news can move the index.
The ET hours stay the same year-round. Europe's and Asia's opens shift in ET for a few weeks when daylight saving dates differ.
Its personality
- Bigger swings than ES. NQ often moves more in percentage terms in a day. That's the tech weighting at work.
- Fast at the open. The first 15 minutes can be choppy, with long tails both ways.
- Trends hard, then snaps. Strong one-way days happen, and so do sharp turns when yields move.
- Points add up fast. NQ's index number is high, so a 100-point day is not unusual. At $20 a point, that's $2,000 per contract.
- Expires quarterly: March, June, September, December.
Reading it with our method
Start on the daily and 1-hour charts. Mark the last places price turned around. Is it making higher highs and higher lows? Trade with that.
Because NQ moves fast, the body-close rule matters even more. A tail that stabs through a level at 9:31 am is not a break. Wait for a candle body to close past it.
Size from your stop. Example: your stop is 20 points away. That's 80 ticks × $5 = $400 per NQ contract. If your plan says $40 of risk, NQ is too big. The micro, MNQ, would be $40 for the same stop. Check it with the futures tick value calculator. A math example, not a promise.
Common mistakes
- Using an ES-sized stop on NQ. NQ needs room for its bigger swings. A stop that's tight on ES may be noise on NQ.
- Holding through a giant earnings report by accident. Check the earnings calendar for the biggest names.
- Chasing the open. The first big candle often gets taken back. A fakeout is common here.
- Counting points, not dollars. 30 points sounds small. On NQ, it's $600 a contract.
Questions
How much is one NQ point worth?
$20 per point. One tick is 0.25 points, which is $5.
Why does NQ move more than ES?
The Nasdaq-100 is heavy in big tech and growth companies, which react more to earnings and interest rates. So its daily swings are often larger in percentage terms.
What's the difference between NQ and MNQ?
Same chart, different size. MNQ is one tenth of NQ: $2 a point instead of $20.
What time is NQ most active?
Usually from the 9:30 am ET stock market open until about 11:00 am, and again in the last hour before 4:00 pm.
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