Thanks afternoon crew. Feels like we just had a weekend, but...

Thanks afternoon crew. Feels like we just had a weekend, but hey, here's another one. Enjoy!

End-of-day summary:

A torrid final session all but wiped out the share market's gains for the week after faltering US economic growth and rising inflation compounded doubts about interest rate cuts this year.

The ASX 200 slumped to a loss of 107 points or 1.39% this session. Industrials, REITs and telcos led a retreat that lowered all sectors.

Mining heavyweight BHP was the biggest drag, falling 4.6% after launching a $59.6 billion takeover of UK rival Anglo American. Gold miners offered a haven as traders positioned for an economic slowdown in the US following last night's disappointing GDP figures.

US stocks wilted in the wake of weak Q1 growth figures and signs that inflationary pressures are on the rise. The S&P 500 slipped 0.46%.

Today's setback pared the ASX 200's gain for the week back to nine points or 0.11%. The market appeared to ignore a surge in US futures following trading updates from megacaps Microsoft and Alphabet. S&P 500 futures were ahead 0.88% at the Australian market close.