S&P 500 trading guide: How to trade the S&P 500 index

• What is the S&P 500 index? 
• S&P 500 companies 
• How to trade the S&P 500 
• S&P 500 opening hours 
• How is the S&P 500 calculated? 
• What moves the S&P's price? 
• S&P 500 average returns 
• S&P 500 companies list 
• S&P 500 FAQ 

What is the S&P 500 index? 

The S&P 500 is a benchmark stock index that tracks the performance of approximately 500 of the largest publicly listed companies in the United States by market capitalization. It is widely regarded as a key measure of both the US equity market and broader global economic performance. 

On the StoneX Trading platform, the S&P is referred to as the US SP 500. 

Launched in 1957 with a base value of 386.36, the index initially tracked companies listed on the New York Stock Exchange. Today, it includes companies from both the NYSE and Nasdaq. 

S&P 500 companies 

The S&P 500 tracks around 500 of the largest publicly listed companies in the United States, making it broader than indices such as the Dow Jones, which includes just 30 companies, and the Nasdaq 100, which excludes financial institutions. 

The index includes companies across a wide range of sectors, from technology leaders such as Apple, Microsoft, Alphabet, Amazon and Meta, to financials like Berkshire Hathaway and Goldman Sachs, as well as consumer names such as Walmart. 

Because of this broad sector representation, the S&P 500 is often seen as a more comprehensive measure of the US equity market than narrower indices. 

The sector composition of the S&P 500 as of May 2026 is shown below

Take a look at the top ten company listed on the S&P 500 in 2026. 

What are the listing criteria for the S&P 500? 

Companies included in the S&P 500 must meet a range of eligibility requirements, including size, liquidity, listing criteria and the proportion of shares available to the public. 

Profitability is also considered, with companies generally required to demonstrate positive earnings over recent periods. 

Final inclusion decisions are made by the index committee, meaning there is an element of discretion in how the index is constructed. 

How often do S&P 500 companies change? 

The S&P 500 is reviewed on an ongoing basis, with changes made as needed when companies no longer meet the criteria or new candidates become eligible.  The index is also rebalanced periodically, ensuring weightings remain aligned with market values over time. 

How to trade the S&P 500 

There are several ways to gain exposure to the S&P 500, including CFDs, spread betting, futures and ETFs. 

S&P 500 CFDs 

An S&P 500 CFD is a derivative that tracks the price of the index, allowing traders to speculate on its movements without owning the underlying shares.  

Positions can be taken on both rising and falling markets. are instruments that track the price of the S&P 500 index. If you think the index is headed up, you can buy CFDs. Then, if it rises, you can sell your CFDs back to your provider in return for a profit. If it falls, you’ll make a loss. 

Learn more about  CFDs. 

S&P 500 spread betting 

With spread betting, you are betting a set number of pounds per point on where the S&P is headed next.  As it heads in your chosen direction, you make a profit. If it moves the other way, you make a loss. 

Learn more about spread betting. 

S&P 500 futures 

With S&P 500 futures, you agree to buy or sell the index at a set price on a set upcoming date. Your profit or loss is determined by how far the S&P 500’s price is from the price of your future when the contract expires. 

Learn more about  futures trading. 

S&P 500 ETFs 

ETFs are funds that contain all the stocks present on an index. In this case, the S&P 500. Unlike other funds, ETFs are traded on exchanges, just like shares.  

Learn more about trading ETFs. 

Read more about how to trade indices here. 

S&P 500 opening hours 

All US stock indices share the same hours: 

With your  StoneX Trading account, you can access the index 24 hours a day Monday to Friday. 

Learn more about  stock market hours 

How is the S&P calculated? 

The S&P 500 uses a free-float market capitalisation weighting, meaning  constituents are weighted based on thevalue of shares available for public trading.  

Each company’s weighting is determined by dividing itsmarket capitalisation by the total market value of the index. Larger companies have a greater influence on the index’s performance

What moves the S&P's price? 

The S&P 500 is influenced by a wide range of factors affecting its underlying companies. Key drivers include:  

1. Fundamental data 
Decisions by the US Federal Reserve, particularly around interest rates, play a significant role in shaping market conditions. Lower rates can support equity markets by encouraging borrowing and investment, while higher rates may weigh on valuations and economic activity. 

Economic indicators such as inflation and employment data are also closely monitored, as they influence expectations for future policy changes. 

2. Individual companies 
The S&P 500 is market-capitalisation weighted, meaning larger companies have a greater impact on index movements.  

While the index includes around 500 constituents, price movements in its largest companies can still drive overall performance, particularly during periods of strong or weak earnings.   

3. Global events
Geopolitical developments and broader macroeconomic events can lead to increased volatility in the S&P 500. Changes in market sentiment, economic shocks or global disruptions can all influence index performance. 

S&P 500 average returns 

Over recent years, the S&P 500 has delivered double-digit returns in several periods, alongside occasional drawdowns. 

Performance is influenced by market conditions, monetary policy and sector dynamics, meaning returns can vary significantly from one year to the next. 

Returns may also differ depending on whether dividends are reinvested, as total return measures include both income and price movements. 

Recent annual performance is shown in the chart below. 

Past performance is not a reliable indicator of future results. 

S&P 500 companies list for 2026 

The below chart shows the top ten companies in the S&P 500, correct as of May 2026.