What happens if stock index futures are discounted on the delivery date?
The discount on the delivery date of the stock index does not explain what will happen in the spot. The price of stock index futures on the delivery date should be close to the final price of spot. It may be that the futures index fell less on the day and the spot fell more. It may also be that the spot fell and the futures index rose. It is also possible that the futures index rose more and the spot fell more.