What type of information does market data typically include?

Market data encompasses a wide range of information critical for understanding financial markets and analyzing price movements. The correct answer highlights that market data consists of information that directly influences market activity, such as trade prices, bid-ask spreads, volume of trades, and other metrics that reflect real-time transactions and price fluctuations in financial instruments.

This type of information is essential for traders, investors, and analysts as it helps them make informed decisions based on current market conditions. It captures the dynamics of buying and selling in the market, allowing participants to gauge supply and demand. Hence, recognizing trade prices and related metrics is fundamental for anyone involved in trading or investment analysis.

The other choices focus on areas that, while they may be relevant to broader financial analysis or individual investment strategies, do not accurately define what market data includes. Personal investor reports are tailored to individual circumstances, estimated future earnings are speculative forecasts, and the historical performance of financial advisors pertains to their track records rather than to market data itself.