Wall Street continued its decline on Thursday, despite a timid lull in the bond market, as it awaits tomorrow's release of eagerly-awaited inflation figures.

In late morning trading, the Dow Jones lost 1% to 38,055.1 points, its sixth decline in a series of eight sessions.

According to technical analysts, the situation would become very delicate below the 37,700-point threshold, leaving only a 1% margin of safety.

The Nasdaq lost around 0.7% to 16,804.9 points.

There was a slight improvement on the bond market, with the yield on ten-year US Treasury bonds easing to 4.56% after hitting a one-month high of over 4.63% yesterday.

This slight relief follows the early morning release of slightly worse-than-expected US GDP figures for the first quarter, suggesting a possible rate cut in September.

But this was not enough to propel the New York indices into positive territory, as investors visibly sought to catch their breath after the record highs set recently.

For the record, the S&P 500 index has risen in 23 of the last 30 weeks, a bull run not seen since 1989.

The current lull in bond yields will be put to the test tomorrow by the 'PCE' price index, the Fed's preferred measure of inflation.

Lower-than-expected figures would further weigh on bond yields, prompting traders to revise their expectations of future rate cuts.

On the stock front, Salesforce.com fell 20% and weighed heavily on the Dow after presenting quarterly results below consensus and forecasts deemed disappointing.

HP Inc. climbed 13% after reporting better-than-expected performance for the past quarter and raising its annual targets.

Best Buy also performed well (+11%) after improving its operating margin in the last quarter, despite a 4% drop in net sales.

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