Major stock-index ETFs closed lower Wednesday after the Fed's decision to raise interest rates for the first time in 2016. Schroders' James Luke wrote in a Dec. 8 note: "Prospects of a hike in interest rates have been rising faster than inflation expectations, which is bad for gold in the short term but we doubt this will continue for long. VanEck Vectors Gold Miners ( GDX ) reversed lower following the Fed's move.