Does the fair value of a stock index futures contract depend on investors' expectations about the future

Question:

Does the fair value of a stock index futures contract depend on investors' expectations about the of the underlying stock index? Why?
Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...