Stocks have extended their morning rout with even steeper midday losses as investors cycle out of Big Tech ahead of several key earnings reports from names like Alphabet (GOOGL) and Microsoft (MSFT). The Dow Jones Industrial Average (DJI) was last seen suffering a more than 400-point loss, while the Nasdaq Composite (IXIC) heads dangerously close to bear market territory, pacing for its biggest daily percentage loss since March 7. The S&P 500 Index (SPX) is also notably lower. Meanwhile, the Cboe Market Volatility index (VIX) is once again on the rise and headed for its highest settlement since March 14. 

Carvana Co (NYSE: CVNA) is seeing an unusual amount of bearish activity in its options pits today, with 16,000 puts exchanged so far, or double the intraday amount, compared to 7,454 calls. The two most popular contracts are the May 90 call, followed by the weekly 4/29 50-strike put, with positions being opened at both. CVNA was last seen down 7.8% at $74.51, reeling from a price-target cut from Deutsche Bank to $95 from $130. The stock is trading at its lowest level in over two years and sports a 68.4% year-to-date deficit. 

One of the best stocks on the Nasdaq today is Morphic Holdings Inc (Nasdaq: MORF), just ahead of its first-quarter earnings report, which is due out before the open tomorrow, April 27. MORF was last seen up 21.5% at $36.21, just two sessions removed from an annual low of $28.59. The stock is still facing pressure from nearly all of its major trendlines, including the 80-day moving average, which acted as a rejection level in late March and early April.

Protagonist Therapeutics Inc (Nasdaq: PTGX) is one of the worst stocks on the Nasdaq today, last seen down 52.1% at $9.02. More than halving the stock today is news that its higher dosage of PN-943 in patients with ulcerative colitis did not meet its main goal in a Phase 2 study. The stock is trading at a two-year low and has shed a whopping 71.6% in 2022.