MNDY - Hot Stocks: RIVN IPO; inflation buoys gold stocks; MNDY profit-taking; U sets high; PRPL plunges

The major averages declined on Monday as inflation ramped up to its hottest pace in more than 30 years. However, not every part of the market got trapped in the inflation down-draft. For example, Rivian Automotive (NASDAQ:RIVN) bucked the overall trend in the market, soaring nearly 30% after its highly anticipated IPO. Meanwhile, gold stocks thrived amid signals of rising inflation. The sector drew buying interest as a hedge against a retreating dollar. Newmont (NYSE:NEM), Barrick Gold (NYSE:GOLD), Kinross Gold (NYSE:KGC) and Kirkland Lake Gold (NYSE:KL) all recorded gains on the session. Elsewhere, Unity (NYSE:U) reversed an early decline to extend its recent winning streak. Strong earnings buoyed the stock to a fresh 52-week high. Turning to some of the day's biggest losers, a recent upswing for monday.com (NASDAQ:MNDY) came to a screeching halt. The stock pulled back from post-IPO highs as investors took profits after a Street-beating earnings report.

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Hot Stocks: RIVN IPO; inflation buoys gold stocks; MNDY profit-taking; U sets high; PRPL plunges