Global stocks wobbled Friday as investors digested a jobs report that failed to settle the debate about when the US Federal Reserve could start cutting interest rates. The US economy added 275,000 jobs in February, higher than analysts expected and accelerating from January’s revised figure. Stock wavered throughout the session, falling in pre-market trading as the news seemed to suggest the economy is running too hot to justify the Fed easing its monetary stance. But the report also included downward revisions to previous months, as well as a rise in the unemployment rate to 3.9 percent from 3.7 percent. All three major US indices ended the day lower, while the labor market figures did not give a clear indication of when the US central bank might start lowering interest rates. “The Fed, having steered the economy with a steady hand thus far, is poised to maintain its cautious stance, likely resisting the clamor for rate reductions in the immediate term,” said Richard Carter, head of fixed interest research at Quilter Cheviot. Wall Street had reached all-time highs Thursday, lifted by Fed Chair Jerome Powell hinting at a more dovish tilt to monetary policy coming soon. But in his testimony to lawmakers he also insisted the Fed needed to see more signs of winning the battle against inflation before making a move. In Europe, Paris closed slightly higher while Frankfurt and London fell. They had been higher earlier in the session before being pulled lower by Wall Street. Paris and Frankfurt also hit record highs Thursday after European Central Bank chief Christine Lagarde hinted at cuts to eurozone interest rates starting in June. The Fed and the ECB have jacked up interest rates to combat inflation, which spiked after Russia invaded Ukraine. Inflation rates have slowed, but are still above the central banks’ targets. The higher rates have risked pushing countries into recession, particularly in Europe. Official data Friday showed German industrial production rose for the first time in nearly a year in January, fueling hopes that a manufacturing slowdown in Europe’s biggest economy was bottoming out. The US stock market has gained around 10 percent so far this year, driven higher by tech stocks, but they have started to diverge in recent weeks. Chipmaker Nvidia is up 85 percent from the start of the year and Facebook owner Meta is up 46 percent, but Apple is down seven percent. Another major stock, electric carmaker Tesla, has lost 29 percent. “It’s quite obvious that some differentiation is coming back into the market,” said David Morrison, senior market analyst at Trade Nation. Leading crypto currency Bitcoin hit another record during the day, smashing through $70,000 for the first time on growing investor demand amid speculation over when the United States may begin lowering rates.