Shares of industrial and transportation companies were more or less flat as traders hedged their bets on the outlook for demand and inflation.

The Richmond Federal Reserve's Survey of Manufacturing Activity's composite index came in at 11 in November, down from 12 in October, and short of economists' expectations, suggesting factory activity is slowing in the Virginia area.

"This last year may be remembered as a period of excess demand and a shortage of supply, leaving inflation to climb higher," said strategists at brokerage Bank of America Securities, in a note to clients.

"The question for 2022 is whether the economy can find a better balance with demand softening and supply expanding which could reduce some, but not all, of the price pressure."

Write to Rob Curran at rob.curran@dowjones.com

(END) Dow Jones Newswires

11-23-21 1635ET