US stocks ended lower on Wednesday after the Federal Reserve announced its interest rate decision.

In light of Wall Street’s expectations, the Federal Reserve raised interest rates by 0.5% to a new range of 4.25% to 4.5%. However, the central bank also expected rate hikes through next year with no cuts through 2024.

shares of Charter Communications, Inc. (NASDAQ: CHTR) fell more than 16% on Wednesday after the company unveiled at its investor event on Tuesday and outlined a plan to spend $5.5 billion on its network to roll out higher-speed broadband connections.

Most sectors in the S&P 500 ended negatively, with financials and materials stocks posting the biggest slump on Wednesday. However, healthcare stocks traded slightly higher during the session.

The Nasdaq 100 fell 0.79% to close at 11,740.92 on Wednesday amid gains apple inc (NASDAQ: AAPL) and Tesla Inc TSLA. The S&P 500 fell 0.61% while the Dow Jones fell 0.42% to 33,966.35 in the previous session.

The Chicago Board Options Exchange’s CBOE Volatility Index (VIX) fell 6.3% to 21.14 points on Wednesday.

What is the CBOE Volatility Index?

The CBOE Volatility Index, popularly known as the VIX, is a measure of the stock market’s expectation of volatility based on the call and put of the S&P 500 index options.