U.S. stocks dipped on as investors are cautious ahead of the first round of the closely-contested French presidential election. Roselle Chen reports.
Wall Street ended the day in the red as investors held off from making risky bets ahead of first round of presidential election in France. For the week, markets closed higher. David Miller of Catalyst Funds says investors are in a 'wait and see' mode: (SOUNDBITE) DAVID MILLER, SENIOR PORTFOLIO MANAGER, CHIEF INVESTMENT OFFICER, CATALYST FUNDS (ENGLISH) SAYING: "The key three things that they are looking for are the implications of Trump's executive order. They are looking at the geopolitical situaiton, which direction the French elections are more likely to go, and how that could affect Brexit-type implications for France, or Frexit in this case, and they are looking at earnings, as they always do." U.S. President Donald Trump ordered the Treasury to find ways to cut taxes and regulations. He also told the Associated Press a new tax plan is coming next week. On the trading floor... Shares of General Electric fell after the company reported negative cash flow. Oilfield services provider Schlumberger lost ground after saying margins remain under pressure. Mattel dropped on a bigger-than-expected quarterly loss. Also in the news... Federal Reserve Vice Chair Stanley Fischer told CNBC two more rate hikes are coming this year. In Europe, stocks ended the day mixed.