A moderately weaker tone to premarket trade awaits participants after a long, holiday weekend. The pressure comes after China hiked both its benchmark lending rate and deposit rate by 25 basis points, likely in an effort to slow growth so as to stave off inflation. China 's Shanghai Composite tumbled almost 2% in response to the decision. Hong Kong's Hang Seng was closed, but Japan 's Nikkei staged a gain. Action in Europe is decidedly weak at the moment. The dollar is currently down narrowly against a basket of competing currencies. Its decline has done little to support stock futures, though. There are no major economic reports out today. Results from an auction of 2-year Notes will be posted at 1:00 PM ET.