Stock index futures

Noun
1. a futures contract based on a stock index; a bet on the future price of the indexed group of stocks
(hypernym) futures contract

Based on stock market indexes, including Standard and Poor's 500, Value Line, NYSE Composite, Nikkei 225, the Major Market Index, and the Over-the-Counter Index, these instruments are used by investors concerned with price changes in a large number of stocks, or with major long-term trends in the stock market indexes. Stock index futures are settled in cash and are generally quoted in ticks of .05. To determine the contract value, the quote is generally multiplied by $500.