A resilient earnings season and an easing of geopolitical tensions – highlighted by an extended U.S.-Iran ceasefire – defined Q2 2026, propelling major U.S. equities to new heights and reversing the risk-off sentiment of Q1. The S&P 500 and the tech-heavy Nasdaq-100 both surged to record closing highs in late May. Both indices finished June with their biggest quarterly gains since 2020 as investors remained upbeat about economic growth. 

A landmark moment for the quarter was the historic SpaceX mega-IPO in mid-June, debuting on the Nasdaq. This massive injection of market capitalization tested the mechanics of passive index tracking and eligibility rules, reinforcing to our clients that index choice – and the tools used to track them – matters more than ever.

Our Equity complex saw robust engagement this quarter, punctuated by exceptionally heavy June roll volume. Driven by elevated implied financing rates, the Q2 2026 equity roll (Jun/Sep) implied financing spread to 3-month SOFR increased to +81 bps, up from +38 bps in Q2 2025. This drove intensive quarterly activity, with roll volumes climbing +57% YoY and +39% versus Q2 2024. Equity futures and options average daily volume (ADV) reached 10.1M contracts in June, driven by 8.6M futures contracts and 1.5M options contracts. This represents a robust +27% growth in overall ADV compared to May 2026 and +54% vs. June 2025.

Market leadership broadened significantly with the S&P 500 Equal Weight Index notably outperforming the traditional cap-weighted benchmark, signaling a much diversified market breadth. Equal Weight futures YTD ADV is a record 1.7K contracts, +86% vs. 2025. June ADV increased 134% MoM. The Russell 2000 also outperformed large-cap indices fueled by attractive valuations and aggressive short-covering. BTIC on E-mini Russell 2000 futures traded 4x its ADV on June 26, Russell Reconstitution Day. 

To help clients capture this broadening market exposure and domestic recovery, CME Group has launched E-mini futures on broad-based U.S. indices, namely the Russell 3000, Morningstar US Total Index, S&P 1500 and Total Market Index, which will provide participants with even more precise tools to reposition across sectors and size. 

Starting July 27,* trade financially settled Single Stock futures, available across 50+ top U.S. stocks including SPCX, TSLA, NVDA, GOOGL and more.

Explore the FAQ and full suite of names and contract specifications ahead of the Single Stock futures debut.

*Pending completion of all regulatory review and processes. List of contracts are subject to change.

New Micro E-mini options on S&P 500 and Nasdaq-100 indices have arrived. Financially settled at expiration, these contracts remove the need for physical delivery and offer Monday through Friday maturities, allowing traders to flexibly target economic releases, FOMC meetings and corporate earnings.

Our U.S. Dividend futures and options suite continues to see exceptional momentum, with YTD ADV up 50% vs. 2025. Building on the strong growth and client demand, Nasdaq-100 and Russell 2000 Quarterly Dividend futures have joined the complex, alongside Mid-Curve options on S&P 500 Annual Dividend futures. These new contracts provide greater precision in hedging shorter-dated dividend volatility and more flexibility to manage risk around specific corporate payout schedules.

To seamlessly navigate the heightened volatility of month- and quarter-end index closes, institutional participants are increasingly turning to S&P 500 Month-End futures and options. These contracts offer an efficient $100 multiplier and versatile execution channels (including BTIC and EFRP) to optimize end-of-period risk management, driving a strong 369% MoM increase in June ADV.

Market participants can now gain comprehensive exposure to the total U.S. economy with four new E-mini contracts. Launched on June 29, E-mini futures on the S&P 1500, S&P Total Market, Russell 3000 and Morningstar US Total Market Indices provide expanded product choice and greater capital efficiency through potential margin offsets.

*Effective July 28, 2026, the CRSP US Total Market Index will be renamed to Morningstar US Total Market Index.

Traders are increasingly utilizing Adjusted Interest Rate (AIR) Total Return futures to manage rising equity financing costs across the curve. The story this quarter is largely on the back of the June quarterly equity roll. Given the June Russell Reconstitution, bullish positioning and the SpaceX IPO, scarcity in dealer balance sheets drove long equity financing costs from FF+66bps to over FF+121bps at expiration in the June expiring AIR S&P 500 TRF. This is a tremendous move matched only by some of the recent year-end equity financing moves we’ve seen.  

Record momentum

• Record volume: AIR TRF reached ADV of 36K contracts (+33% vs. 2025).
• Open interest: The broader AIR TRF suite has officially surpassed 1M contracts in open interest (OI), led by the AIR S&P 500 (EFFR) contract.

The opinions and statements contained in the commentary on this page do not constitute an offer or a solicitation, or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to your needs. This content has been produced by [Data Resource Technology]. CME Group has not had any input into the content and neither CME Group nor its affiliates shall be responsible or liable for the same.

CME GROUP DOES NOT REPRESENT THAT ANY MATERIAL OR INFORMATION CONTAINED HEREIN IS APPROPRIATE FOR USE OR PERMITTED IN ANY JURISDICTION OR COUNTRY WHERE SUCH USE OR DISTRIBUTION WOULD BE CONTRARY TO ANY APPLICABLE LAW OR REGULATION.