
The French president decided to call a snap election in a last ditch effort to try and salvage the situation. Marine Le Pen’s National Rally faction looks set to win 33% of the vote - more than doubling Macron's 15%.
Without a majority, Macron would be in a tough spot in trying to push forward with any legislation. So, this move is essentially a vote of confidence on him. It he has the votes, it means the people are giving him another chance. If he doesn't, that is the end of the road.