The S&P 500 Index hovered around a new record on Friday after crossing the 5,100 threshold for the first time ever earlier in the session. The Dow Jones Industrial Average also rose slightly higher, while the tech-heavy Nasdaq Composite came under pressure as some market participants sold off recent earnings from this week's strength.

Here's how the market settled to close out the week:

S&P 500 Index (SPY  ): +0.03% or +1.77 points to 5,088.80

Dow Jones Industrial Average (DIA  ): +0.16% or +62.42 points to 39,131.53

Nasdaq Composite Index (QQQ  ): -0.28% or -44.80 points to 15,996.82

All three major averages are set to end the week in the green, with the S&P 500 currently up about 1.8%, while the Dow and Nasdaq have advanced around 1.4% and 1.6%, respectively.

In the News: Nvidia (NVDA  ) topped $2 trillion market capitalization for the first time ever on Friday during intraday as the chipmaker's blockbuster earnings rally continued for a second day. The stock has recently surpassed Amazon (AMZN  ) in market value, making it the third most valuable U.S. company behind Apple (AAPL  ) and Microsoft (MSFT  ) currently.

On the Earnings Front: Block (SQ  ) reported better-than-expected fourth-quarter earnings as the fintech demonstrated strong growth in its Square and Cash App revenues. The company's Cash App business generated $1.18 billion in gross profit, rising 25% year-over-year, while its other revenue stream Square posted $2.03 billion in gross profit, up 22% from a year ago.

CEO Jack Dorsey said in a letter to shareholders that the company plan to build " the largest network" of peer-to-peer payments software with "a highly engaged customer base using Cash App as their primary banking solution." The company said its Cash App Card has 23 million monthly actives in December, rising 20% annually, and posted 56 million monthly transaction actives for Cash App in December.

Warner Bros. Discovery (WBD  ) posted disappointing fourth-quarter earnings on Thursday as its advertising business saw declines in revenue, with the entertainment giant reporting a $400 million net loss.

"This business is not without its challenges," CEO David Zaslav said during the company's earnings call with analysts. "Among them, we continue to face the impacts of ongoing disruption in the pay TV ecosystem and a dislocated, linear advertising ecosystem. We are challenging our leaders to find innovative solutions."

Carvana (CVNA  ) reported its first-ever annual profit in its fourth-quarter, surging shares up over 30% on Friday. Moreover, the used-car sales platform also forecasted for an adjusted core profit "significantly above" $100 million in its current first-quarter, as its expects retail units to be "slightly up" from last year.

"It's very hard for a group to go through a period like the last two years and not disintegrate under the pressure," CEO Ernie Garcia told analysts during the company's earnings call. "We didn't disintegrate."