Southwest Airlines Co shares fell more than 5% during Tuesday's session on the impact of the recent blizzard that has hit North America. The airline canceled more than two-thirds of its Monday flights and planned to reduce its schedule for Tuesday and Wednesday.

Previously, Chief Executive Bob Jordan described the situation as the "largest-scale event" he has "ever seen."

Along with Southwest's decline, the shares of other major airlines decreased. American Airlines and Delta shares fell 0.39% and 0.25% at 10:20 am ET, selling for $12.66 and $33.08, respectively. For its part, Southwest Airlines plummeted by 5.40% a minute later to sell for $34.15.