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First rate hike is in the books, what happens next?

Traders at the New York Mercantile Exchange.
Adam Jeffery | CNBC
Traders at the New York Mercantile Exchange.

The Federal Reserve raised rates for the first time in nine years and traders are already turning their sights to the timing of the next hike.

A majority of investors see the next increase coming in April 2016, according to rate futures traded on the CME as of 2:15 pm ET.

The period we're in now — between the two hikes — has not been a great time historically for the markets. CNBC Pro found the S&P 500, on average, declined 2.1 percent between the first and second hikes with defensive-oriented sectors outperforming.

However, things start to look up as the tightening cycle continues.

Using Kensho, a quantitative analytics tool, we ran the numbers on how the market, oil, gold, Treasurys and S&P industry groups did between the second and third rate hikes.

Here's what you need to know in the four months leading up to the next probable Fed action...

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