The Dow Jones Industrial Average (DJI) is extending this morning's losses, last seen down 421 points midday, on track for its fourth-straight drop. Both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are swimming in red ink as well, pacing for their fifth consecutive dip as the 10-year U.S. Treasury yield keeps climbing.

Goldman Sachs' (GS) prediction of four interest rate hikes in 2022 is weighing on investor sentiment, especially as Wall Street braces for the consumer price index (CPI) later this week. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), is on track for its highest close in three weeks.

Tilray Inc(Nasdaq: TLRY) is seeing an unusual amount of options activity today, after the cannabis company posted a surprise fiscal second-quarter profit of 3 cents per share, as well as a 20% jump in revenues. So far, 185,000 calls and 35,000 puts have crossed the tape, which is eight times what is typically seen at this point. Most popular is the weekly 1/14 9-strike call, followed by the 7.50-strike call in the same series, with new positions being opened at both. TLRY was last seen up 14.5% at $7.35, but remains down 33.2% year-over-year.

One of the best stocks on the Nasdaq today is Zynga Inc (Nasdaq: ZNGA), last seen up 44.2% to trade at $8.65, following news that the mobile game name will be acquired by Take-Two Interactive Software (TTWO) in a deal valued roughly $12.7 billion. ZNGA is now trading at its highest level since September, bursting through the 60-day moving average, which had been pressuring the shares lower since July.

At the bottom of the Nasdaq is TDH Holdings Inc (Nasdaq: PETZ), down 72.3% to trade at $1.13 at last check. Though a reason for today's bear gap was not immediately available, the stock is trading at roughly two year-lows and eyeing its first close below the 40-day moving since early November.