What are my alternatives if I have contributed $2000 to my Roth IRA, and expect to be over the $110K income limit at this point?

If an investment in the IRA has lost significant value, can I do something that will be tax favorable to me? Do I need to act before year-end? Thanks.

You need to act before the due date of your tax return. Your options are to either recharacterize the contribution into a traditional IRA, or to remove it from the Roth as an excess contribution.