How older women stole the show at WSJ Awards - as Penelope Cruz, 50, and Salma Hayek, 58, wow on red carpet

A dazzling array of celebrities stepped out for the WSJ. Magazine's Innovator Awards' Show on Tuesday night - but despite the event being littered with pop stars and young actresses, it was the older crowd that stole the spotlight.

Salma Hayek , 58, and Penelope Cruz , 50, were the talk of the red carpet at the Awards show, which was held at the Museum of Modern Art in New York City on Tuesday, October 29.

The duo, who are starring together in Bandidas in 2006, held hands as they posed for cameras, showing off their eye-catching gowns and enviable figures.

Hayek wore a bold, strapless, floor length red dress with a fitted bodice and a column-shaped skirt. She wore her dark hair down with a pink lip.

Cruz sparkled in a daring fitted silver gown, compete with a thigh-high split.

She wowed with a low-cut draped top and completed the look with strappy heels and a matching silver clutch.

The two are longtime friends, with Hayek often calling Cruz her 'soul sister,' and supporting each other both on and off-screen.

Cruz even revealed that she once lived with the Frida actress when she first arrived in the U.S., forming a sister-like bond that continues today.

The movie stars were joined by the likes of Sarah Paulson, 49, and Reese Witherspoon, 48, to celebrate the night dedicated to innovation and creativity.

Paulson presented the Fashion Innovator award to Marc Jacobs at the event.

She looked demure in a white dress with flower cut outs, featuring an off-the-shoulder bust and a dramatic skirt and chic pointed toes, with her hair left straight.

Witherspoon wore a classic one-shouldered black dress with a ruffle on the skirt, pairing it with black heels.

Journalist and talk show host Tamron Hall, 54, wowed the crowd in a vibrant red mini dress with a large flower feature on the front.

She completed the look with silver heels and a bright red clutch.

Supermodel Linda Evangelista, 58, cut a sleek and unconventional look; opting for a oversized white pantsuit with a plunging neckline.

She wore a black turtleneck underneath and paired the chic look with shiny black flats, finishing it off with simple hair and makeup.

Filmmaker Sofia Coppola, 53, dazzled in black pants and a silk shirt; leaving her trestles out and styled with a slight curl and accessorizing with silver jewelry and a natural looking makeup look.

Joining the Hollywood elite on the red carpet was the next generation of style icons, with appearances from basketball player A'Ja Wilson, 28, Wicked co-stars Cynthia Erivo, 37, and Ariana Grande, 31, model and author Emily Ratajkowski, 33, actress Aubrey Plaza, 40, and popstar Charli XCX, 32, just to name a few.

Saturday Night Live cast members Bowen Yang, Kenan Thompson and Heidi Gardner were joined by alum Kate McKinnon, all looking sophisticated in dark-toned outfits.

The evening celebrated trailblazers across fashion, art, literature, and entertainment.