Stocks making the biggest moves midday: Southwest, Macy’s, JPMorgan, Novavax, Carnival and more

Check out the companies making headlines in midday trading.

United, American, Delta, Southwest — Airlines, which are positioned to benefit from the economy reopening, rose on Tuesday with United Airlines jumping 16.3%. Delta and American Airlines rose more than 13%. Southwest rallied 12.6%, helped by an upgrade to buy at UBS. The Wall Street firm said domestic travel is on the path to recovery and that Southwest is best positioned thanks to its clean balance sheet.

JPMorgan, Citigroup, Morgan Stanley — Shares of big banks jumped, making financials the best-performing sector among the 11 S&P 500 groupings. JPMorgan popped 7.1%, while Citigroup jumped 9.2% and Morgan Stanley soared 8.9%. Banks had been one of the hardest-hit sectors amid the pandemic on profitability concerns and rising loan losses. But now the hope of a successful economic reopening is overriding those worries, driving the shares higher.

Macy’s — Shares of the department store soared 18.4% after the company said it has “seen greater demand than we expected” in stores that have reopened. Demand is averaging 50% compared to 2019 levels, the store said. Macy’s announced a $1.1 billion bond offering on Tuesday that the company said will be used to pay down its revolving credit facility.

Carnival, Norwegian Cruise Line, Royal Caribbean Cruises — Shares of cruise operators rallied as the economy continues to gradually reopen. Carnival and Royal Caribbean Cruises both jumped more than 12%, while Norwegian Cruise Line soared 15%. These major cruise lines grounded their operations for months to curb the spread of the coronavirus.

Novavax — Shares of Novavax soared 4.5% after the biotech firm said Monday it has started the clinical trial of a coronavirus vaccine candidate. Novavax said it has enrolled the trial’s first participants, and it expects preliminary immunogenicity and safety results from the trial in July.

Darden Restaurants — Shares of restaurant stocks rallied on Tuesday on hopes the economy reopening will bring consumers to their dining rooms. Olive Garden parent Darden Restaurants jumped 3.8%. Yum! Brands rose nearly 1%.

MGM Resorts, Las Vegas Sands, Wynn Resorts — Casino stocks soared on Tuesday amid optimism about a potential coronavirus vaccine and a faster economic recovery. Shares of MGM Resorts jumped 11%, while Las Vegas Sand rose 6.5% and Wynn Resorts surged 8.5%. MGM reopened a casino in Tunica, Mississippi, on Monday.

Crocs — Crocs shares rallied 9.5% after a Wall Street Journal story said, citing data from NPD, the company was the only major footwear maker who saw a sales increase in March.

Williams-Sonoma — Shares of Williams-Sonoma climbed 4.8% after an analyst at Telsey upgraded them to outperform from market perform. The analyst said Williams-Sonoma will benefit from increasing shift to digital retail and “consumers’ increased spending across home categories.”

–with reporting from CNBC’s Yun Li, Fred Imbert and Jesse Pound.