Raj Subramaniam is taking over leadership of FedEx at a pivotal moment for the express-delivery giant. The company hosted its top investors in its headquarters city for the first time in a decade, the WSJ’s Esther Fung reports, as it mapped out a strategy for improving operating margins and profits. FedEx says it expects revenue to grow at a 4% to 6% clip annually over the next three years and earnings to rise between 14% and 19% each year over the same period. The company plans to direct more spending toward technology rather than facilities and equipment, but it is under pressure from an activist investor to do more, including streamlining operations. One initiative, which Mr. Subramaniam called Network 2.0, aims to place some Ground and Express sorting stations under one roof. Plans also call for the Ground unit to deliver more packages typically handled by Express.

• Local officials approved plans for a $300 million, 3 million-square-foot, five-story Amazon warehouse in the Town of Niagara, N.Y. (Buffalo News)

Schneider National is getting back into e-commerce, but this time in a very different way. The truckload carrier is investing in chemical distribution marketplace startup ChemDirect, the WSJ Logistics Report’s Liz Young reports, and will provide the transport and logistics backbone of the business looking to link suppliers and buyers in the industrial market. Schneider dropped its early push into e-commerce in 2019, but that was a home-delivery operation targeting consumer markets. This venture is focused on purely industrial business that Schneider officials believe will complement a bulk-transport business that now provides about 4% of the company’s revenue. Schneider will take a minority stake in ChemDirect, which was founded by former Schneider senior executive Tyler Ellison and is going through a Series A funding round. Schneider plans to provide trucks for shipments booked through ChemDirect and to manage logistics using other companies, including intermodal operations.

• J.B. Hunt and Waymo will test autonomous trucks on roads in Texas in deliveries for online furniture retailer Wayfair. (Heavy Duty Trucking)

U.S. Covid-19 supply chains are under new pressure. The federal government’s stores of a key antibody drug are expected to be used up in late August because pandemic funding is running out. The Biden administration says the government’s supply of the Eli Lilly-made bebtelovimab therapy could be depleted before fall if the pace of current use holds, the WSJ’s Stephanie Armour and Liz Essley Whyte report, endangering supplies of the only antibody drug effective against the Omicron variant for treating nonhospitalized patients. The federal government has been buying and distributing Covid-19 medicines to ensure there are doses available around the U.S. If the government can’t procure more doses, Lilly would have to sell a drug now worth about about $1,833 a dose directly to hospitals and states, providing a test of whether pandemic-related drugs and vaccines would remain accessible if shifted to the commercial market.

• Medical device supplier Medtronic says some of its supply constraints are easing. (Supply Chain Dive)

Revised estimates showed U.S. economic output contracted 1.6% in the first quarter, more than reported earlier. (WSJ)

OPEC members and its allies have fallen far behind their oil-production targets. (WSJ)

Bed Bath & Beyond ousted CEO Mark Tritton after sales plummeted following his moves toward leaner store inventories. (WSJ)

The death toll from the discovery of dozens of migrants being smuggled in a tractor-trailer rose to 53. (WSJ)

Tesla is closing one of its Silicon Valley offices and laying off about 200 people as part of its wider plans to cut costs. (WSJ)

Several food-industry executives say labor pressures are starting to ease for entry-level positions. (WSJ)

General Mills expects its costs to rise at a double-digit pace over the next year. (WSJ)

Grubhub's CEO says parent company Just Eat Takeaway hopes to find a strategic partner to invest in the U.S. online ordering business. (WSJ)

China’s Tianqi Lithium plans to raise the equivalent of up to $1.7 billion in a Hong Kong initial public offering. (WSJ)

German industrial companies expect the supply-chain issues that have disrupted production to hamper output through next year’s first quarter. (Bloomberg News)

New owners took over fiber maker Lycra after the parent company fell behind on loan payments. (Sourcing Journal)

Spot-market rates for very large crude carriers jumped 24% in a single day this week. (TradeWinds)

BNSF Railway is limiting shipments of diesel and other fuel products into California, citing labor and weather constraints. (Transport Dive)

Airfreight rates out of Bangladesh are plummeting on declining demand in North America for apparel. (The Loadstar)

A Japanese startup is close to selling a robot with a sense of touch similar to that of humans. (Nikkei Asia)

Paul Page is editor of WSJ Logistics Report. Write to him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.