When you select a section of text inside the editor, the formatting toolbar appears. These are the options available:
Create links (to external sites, or to headings)
Create a quote out of the selection
Create a bullet-point list out of the selection
Create a numbered list out of the selection
Create a comment out of the selection (more info)
For links, you have the option to open the link in a new window and/or set it as a nofollow hyperlink. There are four options to choose from:
External: links to a different website or page.
Section: links go to a heading (useful for creating a table of contents, more info).
Email: mailto links to allow visitors to create a new email with your chosen address.
Phone: a phone number that when clicked on will call using the visitor's default calling software.