US Stock Market Move | Wall Street's major banks are generally down, with Morgan Stanley (MS.US) falling more than 2.5%.

On Monday, the Philadelphia Bank Index fell 0.78%, with major Wall Street banks declining. As of the time of reporting, Wells Fargo & Company (WFC.US) and Morgan Stanley (MS.US) fell more than 2.5%, while Goldman Sachs Group, Inc. (GS.US), Citigroup (C.US), JPMorgan Chase & Co. (JPM.US), and Bank of America Corp (BAC.US) fell more than 1%. On the news front, the headquarters of the Consumer Financial Protection Bureau in Washington DC will be closed from the 10th to the 14th, with staff working remotely. According to reports, the Chief Operating Officer of the Consumer Financial Protection Bureau, Adam Martinez, announced the above news in a memo to employees. In addition, Russell Vought, the newly appointed Acting Director of the Bureau by the Trump administration, issued a notice to employees on the 8th to "halt all regulatory and inspection activities". The American Federation of Government Employees, representing some employees of the Consumer Financial Protection Bureau, has filed a lawsuit trying to stop Vought's actions. The union believes that Vought's actions violate the US Constitution. The US media pointed out that the Consumer Financial Protection Bureau has become the latest target of Trump and the head of the US Office of Efficiency and Growth, who have been removing federal agencies from their positions. The Consumer Financial Protection Bureau was established by the Obama administration in response to financial industry misconduct following the 2008 financial crisis and began operations on July 21, 2011. It is responsible for supervising and regulating US Financial Institutions, Inc. with assets of over 100 billion US dollars. The bureau is an independent agency of the Federal Reserve.