The Globe and Mail reports in its Friday edition that Canada's main stock index fell on Thursday as bond yields climbed and the communications sector lost ground ahead of a domestic employment report that could guide expectations for Bank of Canada interest-rate cuts. A Reuters dispatch to The Globe says that the S&P 500 was nearly unchanged, trading close to the 5,000-point milestone as investors reacted to earnings reports, a roughly in-line jobs report and remarks from policy-makers on interest-rate cuts. The S&P/TSX Composite Index ended at 20,919.64, down 49.54. "The cold reality of economic data -- resilient growth in the U.S., high inflation, wage inflation -- is now causing the market to rethink how soon we are going to get these interest-rate cuts," said Brian Madden, chief investment officer at First Avenue Investment Counsel. The Canadian employment report, due on Friday, is expected to show the economy adding 15,000 jobs in January. Canada's 10-year yield was up 9.2 basis points on Thursday at 3.57 per cent, its highest level since Dec. 1, largely taking direction from the U.S. bond market. Toronto's biggest loser was insurer Fairfax Financial, which dropped sharply after a short-seller report.