Political uncertainty caused stocks to drop Monday, Jan. 30, as the impact of the border adjustment tax and travel ban remain unclear.

The SNL U.S. Bank index dropped 1.16% to 532.81, and the SNL U.S. Thrift index dipped 1.34% to 937.89.

The Dow Jones Industrial Average dropped 0.61% to 19,971.13, the S&P 500 lost 0.60% to 2,280.90 and the Nasdaq composite index shrank 0.83% to 5,613.71.

Political uncertainty surrounding President Donald Trump's proposed border adjustment tax and the executive order impacting immigration and travel for persons from certain countries dragged stocks lower as investors searched but failed to find much clarity. Energy and technology stocks underperformed the market, representing two industries that Peter Jankovskis, co-chief investment officer at OakBrook Investments, highlighted as vulnerable to both actions.

"I think the flight-to-safety sectors are doing well and holding up best in the market," he said, mentioning consumer staples and utilities. But crude prices have slipped since last week, and tech executives have spoken out against the travel ban and highlighted their reliance on foreign workers.

In banks, JPMorgan Chase & Co. decreased 1.04% to $86.03, Bank of America Corp. fell 1.76% to $22.95 and Wells Fargo & Co. lost 0.90% to $56.08.

Citigroup Inc. declined 0.88% to $56.61 after the company announced its plans to sell about $97 billion unpaid principal balance of mortgage servicing rights and related servicer advances on 780,000 Fannie Mae and Freddie Mac loans of non-Citibank retail customers to New Residential Investment Corp.'s wholly owned subsidiary New Residential Mortgage LLC. The company plans to completely exit the mortgage servicing rights business by 2018.

In other banking news, Opus Bank dropped 25.14% to $20.40 after the Irvine, Calif.-based company announced a net loss of $19 million, or 55 cents per share, during the fourth quarter of 2016. The loss for the quarter was driven by a loan loss provision that totaled $69.5 million.

Among notable movers, Stonegate Bank rose 3.73% to $44.50, Marlin Business Services Corp. increased 2.53% to $22.30 and Howard Bancorp Inc. added 1.80% to $16.95. Hilltop Holdings Inc. lost 4.00% to $27.11, Community Bank System Inc. declined 3.08% to $58.62 and First Commonwealth Financial Corp. dropped 2.84% to $14.04.

Among thrifts, Provident Bancorp Inc (MHC) expanded 2.13% to $19.15, while OceanFirst Financial Corp. tanked 5.18% to $28.20 and HarborOne Bancorp Inc (MHC) slid 4.47% to $18.36.

Market prices and index values are current as of the time of publication and are subject to change.