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The U.S moves warships to protect Israel against a possible Iranian attack, and U.S. stocks

retreated despite strong big bank earnings.

The economy is strong, but banks are feeling a little bit

more profit pressure but overall the picture is still pretty good for them.

Plus how Turkey's annual inflation rate topped 68% last month. It's Friday April 12th. I'm Anne Marie Fertoli for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that moved the world today.

We report exclusively that the US has rushed warships into position to protect Israel and American forces in the region in the event of a direct attack from Iran that could come as soon as today or Saturday.

U.S. officials said two destroyers, one already in the region and another that was redirected there have been repositioned.

They said at least one carried a missile defense system.

Iran has threatened to retaliate for an attack last week in Damascus Syria, which Tehran said was an Israeli

airstrike. Several top Iranian military officials were killed. In Washington

the House has passed legislation to renew a controversial national security spying power after overcoming

objections from Republicans including former President Donald Trump.

In a compromise to placate the opposition, the revised bill would renew section 702 of the Foreign Intelligence

Surveillance Act for just two years instead of the five previously sought

by House Speaker Mike Johnson. The bill now goes to the Senate. Senior Biden administration officials say Section 702 is the most

important surveillance tool at their disposal and generates intelligence that's used to thwart

terror plots, fend off hackers, and track spies. Critics have raised

...