CNBC commentator Jim Cramer said Wednesday that the range of stocks worth buying is narrowing after the Federal Reserve's first interest rate hike in more than three years. He noted that the Federal Reserve raised its benchmark overnight funds rate by 25 basis points to a range of 3.75%-4%, and this hike appears to be the start of a series of increases, each of which will hit the stock market. He suggested that investors should not completely abandon the market but should focus on stocks that can still perform well during a tightening cycle, such as defensive pharmaceutical stocks.