There is 'a significant risk of the US economy falling into contraction'

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There seems to be something going wrong with the US economy.

Markit Economics' monthly flash services purchasing manager's index, a preliminary reading on the sector, fell into contraction for the first time in over two years.

Wednesday's data shows "a significant risk of the US economy falling into contraction in the first quarter," according to Chris Williamson, chief economist at Markit.

On Wall Street, Daniel Pinto, CEO of JPMorgan's corporate and investment bank, made a gloomy prediction for first quarter results, forecasting a 20% drop in markets revenues.

That has traders and bankers worried about their jobs. Here is an amusing anecdote which highlights just how paranoid Wall Street is right now.

In related news, a giant hedge fund asked Wall Streeters what worries them most: this is what they said.

In other news, Martin Shkreli's biggest foe in the House of Representatives, Rep. Elijah Cummings (D-MD), told Business Insider that price hikes for drugs are 'like putting a gun to somebody's head.'

Here are the top Wall Street headlines at midday:

Hedge fund investors are battening down the hatches - "Hedge fund positions bear all the imprints of significant risk aversion already," Societe Generale strategists said Wednesday in a note.

There is a new category of super rich, and JPMorgan wants their money - There is a new jewel in JPMorgan's crown.

UBS: Globalization is collapsing around us - World trade may be in the doldrums, but global capital flows have suffered even more since the 2008 financial crisis.

JPMorgan is spending millions on millennials - JPMorgan is splashing the cash to land millennial customers.

The kings of New York dining are agonizing over a decision that could change their business forever - Dining is a ritual in New York City.

Saudi Arabia's oil minister says a production cut 'is not going to happen' - Saudi oil minister Ali al-Naimi said on Tuesday that a cut in the kingdom's oil production "is not going to happen."