You Hedged a $2,000,000 Portfolio of Stocks That You Manage

You hedged a $2,000,000 portfolio of stocks that you manage by selling eight S&P 500 futures contracts at 1,450. Each contract is worth $250 per index point. Recently, your portfolio lost 4% of its value, while the S&P 500 index declined to 1,400. What is your total (spot plus futures) gain (loss) ?

A) $80,000
B) $20,000
C) ($20,000)
D) (80,000)
E) (180,000)