The Nasdaq Composite plummeted on Thursday, erasing the sharp gains from the previous session, as investors continued to rotate away from technology stocks and into more defensive areas of the market. The tech-heavy Nasdaq declined 4.2% and dipped into correction territory, while the S&P 500 was down 2.6%. The Dow Jones Industrial Average shed 780 points, or 1.5%, as gains in stocks such as Chevron and Johnson & Johnson were not enough to spare the 30-stock index from the tech selling spree. The Dow erased around half of its advance from Wednesday's massive rally.