NEW YORK, NY--(Marketwire - Jun 27, 2012) - Energy and financial shares in the S&P 500 saw the biggest losses Friday, as all 10 groups in the index fell on concerns the European Union Summit will do little to ease Europe's growing financial crisis. "Declining oil prices and near-record low bond yields indicate slowing global growth, while elevated sovereign credit spreads and a strong U.S. dollar suggest the European crisis is nowhere near being resolved," said Mandy Xu, an equity derivatives strategist at Credit Suisse. Five Star Equities examines the outlook for companies in the S&P 500 and provides equity research on Kraft Foods Inc. (NYSE: [ KFT ]) and The SPDR S&P 500 ETF (NYSE Arca: [ SPY ]).

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The European Union summit will begin on June 28 and will be the European leaders first meeting since the Greek elections on June 17. German Chancellor Angela Merkel has stated her resistance to debt sharing in Europe. "It's not a bold prediction to say that in Brussels most eyes -- all eyes -- will be on Germany yet again," Merkel said. "I say quite openly: when I think of the summit on Thursday I'm concerned that once again the discussion will be far too much about all kinds of ideas for joint liability and far too little about improved oversight and structural measures." State Street Corp. predicts the euro will likely fall to $1.20 by the end of the year as the region's debt crisis grows.

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Kraft Foods is a global snacks powerhouse with an unrivaled portfolio of brands people love. The company markets products in approximately 170 countries, in 2011 Kraft had revenues of $54.4 billion. The company recently announced that it will transfer its stock exchange listing to The NASDAQ Global Select Market from the New York Stock Exchange. The company said that its decision to transfer to The NASDAQ will yield greater cost efficiencies, while providing visibility advantages for the company's iconic brands.

The SPDR S&P 500 ETF is a fund that, before expenses, generally corresponds to the price and yield performance of the S&P 500 Index. The S&P 500 Index is comprised of five hundred selected stocks, all of which are listed on the NYSE Arca, and spans over 24 separate industry groups. The SPDR S&P 500 ETF fell roughly 1.6 percent Monday, but is still up nearly 5 percent for the year.

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