It was a big night for Hollywood actresses at the Wall Street Journal Magazine's 14th Annual Innovator Awards.
Salma Hayek and Penelope Cruz led a wave of female celebs who rocked the red carpet in their glamorous gowns at the Museum of Modern Art in NYC.
Check out the photos ... Salma and Penelope look amazing as they pose hand in hand for the paparazzi.
Penelope donned a sparkling gray dress that showed off portions of her incredible frame.
Salma took a more conservative approach, covering up almost every inch of her body in her red dress.
Other stars at Tuesday night's event included Ariana Grande, Reese Witherspoon, Aubrey Plaza, Cynthia Erivo and Sarah Paulson.
Ariana, as you know, has been getting a lot of attention for her role as Glinda in the movie version of "Wicked," which is set for release in November.
By the way, the WSJ Innovator Awards recognizes people who have excelled across many fields, such as fashion, art, literature and music.
In the music category, Charli XCX won the award, as did "Saturday Night Live" for comedy. Salma received the award for Entertainment & Altruism.