Carl Quintanilla, Jim Cramer and David Faber discuss the big hit to stocks after jobless data underscored the coronavirus’ devastating toll on the economy. New claims brought the Covid-19 crisis total to nearly 36.5 million job losses over the past two months, by far the biggest job losses in U.S. history. A record 20.5 million jobs were lost in April alone. On the vaccine front, Novartis CEO saying it may take until the end of 2021 before getting a vaccine. The CEO writing an op-ed published in Switzerland’s Handelszeitung, “The ultimate way to deal with this pandemic is likely to be a vaccine against Covid-19… That will take more time – my guess is about one and a half to two years.”
Plus, the CEO of Abbvie joins the “Squawk on the Street” gang to discuss covid-19 treatments, vaccine development and the road ahead.