Magnolia Mornings: May 20, 2024

• Important state and national stories, market and business news, sports and entertainment, delivered in quick-hit fashion to start your day informed.

In Mississippi

Mississippi unemployment rate falls below 3%, a new record low

The U.S. Bureau of Labor Statistics has announced that Mississippi’s unemployment rate reached a new record low of 2.8% in April 2024.

On Friday, Governor Tate Reeves touted the news, saying, “If you want to work, there’s a job for you in Mississippi.”

“We have record-shattering private sector investment and thousands of new high-paying jobs coming to our state, which is helping to drive down unemployment to record lows,” Reeves said in a statement. “I’m incredibly proud of all the hardworking Mississippians across the state for making this possible. This is another major win for Mississippi.”

National News & Foreign Policy

1. Iran’s President dies in helicopter crash

Iran’s President Ebrahim Raisi and Foreign Minister Hossein Amir Abdollahian were killed on Sunday in a helicopter crash resulting from a “technical failure,” Iranian state news media reported per the New York Times. Raisi had been president since 2021.

“They were traveling from Iran’s border with Azerbaijan after inaugurating a dam project when their helicopter went down in a mountainous area near the city of Jolfa. Search and rescue teams scoured a rugged area of dense forest through rain and fog for hours before finding the crash site. There were no survivors,” NYT reported, adding, “Supreme Leader Ayatollah Ali Khamenei said there would be ‘no disruption’ to the government’s work, and on Monday he said that the first vice president, Mohammad Mokhber, will assume the role of acting president and must organize elections for a new president within 50 days.”

2. Hunter Biden heads to court twice in June

President Joe Biden’s son Hunter heads to court on June 3rd in Delaware facing federal charges stemming from his alleged drug use and lying about it when he purchased a firearm. Seventeen days later, the younger Biden will be on trial in California on tax evasion charges.

As the Washington Post reports, “The legal vise tightening around Hunter Biden has also aggravated tensions between White House advisers and Hunter Biden’s legal team, and it has renewed concerns over how and whether some of Hunter’s lawyers will be paid. Those close to the Biden family worry that, after years of relative stability in his life as a recovering addict, Hunter now faces the real possibility of a federal conviction that could result in a prison sentence.”

Sports & Entertainment

1. Big 3 round out regular season with weekend series, conference tournaments on tap

Here’s how Ole Miss, Mississippi State and Southern Miss baseball ended their regular seasons over the weekend:

• Ole Miss was swept in their final regular season series, losing all three games to LSU. The Rebels fell to 27-28 on the season and 11-19 in SEC play. The Rebels are the No. 11 seed in the SEC Tournament which opens Tuesday. They will play Mississippi State.

• Mississippi State fell to Missouri on Sunday to end their regular season but won the series having taken the first two games on the weekend. The Bulldogs are 36-19 overall and 17-13 in SEC play. State is the No. 5 seed in the SEC tournament and will play Ole Miss.

• Southern Miss closed out their regular season with a win to take the series from Texas State. The Golden Eagles are 37-18 overall and 20-10 in the Sun Belt. Southern Miss enters the Sun Belt Tournament as the No. 2 seed, with the opponent to be determined. The tournament opens on Tuesday with the Golden Eagles set to play on Wednesday.

2. Jackson State heads to SWAC tournament

Jackson State is the No. 4 seed in the SWAC baseball tournament. The Tigers will play No. 1 seed Texas Southern on Wednesday.

JSU finished the regular season at 16-12 in the SWAC and 32-18 overall.

Markets & Business

1. Dow closes over 40k for first time

The Dow closed above 40,000 for the first time on Friday, sending U.S. stock futures higher ahead of Monday trading.

In looking ahead to the week, CNBC reports, “Artificial intelligence names are due to steal the spotlight this upcoming week, with Lee highlighting several potential catalysts, including the Microsoft Build event from Tuesday to Thursday and Nvidia’s fiscal first-quarter results, due Wednesday afternoon.”

Also of note from CNBC, the minutes from the Federal Reserve’s April 30 to May 1 meeting are due on Wednesday.

2. Miniso opens at Northpark in Jackson

Northpark in Jackson has announced that international retailer, Miniso, is the newest addition to the shopping center. 

Now open to shoppers, Miniso showcases a diverse array of high-quality, affordable products spanning lifestyle, home goods, beauty, fashion, and more.  

“Northpark is proud to introduce Miniso as our newest addition,” said Shawn Cochran, Northpark’s General Manager. “Miniso makes a lively addition to Northpark with its vibrant, unique products, and we are confident that it will quickly become a favorite destination for shoppers of all ages.”

The shopping center plans other store openings this year as it continues to enhance its interior as they celebrate their 40th year in business in the Jackson metro area.