The Format toolbar (screenshot below) is enabled in Design View and contains commands that assign commonly used inline and block formatting properties to the item/s selected in the SPS design.
The HTML format selected from the dropdown list is applied to the selection in Design View. For example, a selection of div applies HTML's Block (div) element around the current selection in Design View.
The bold, italic, underline, and strikethrough inline text properties can be directly applied to the current selection in Design View by clicking on the appropriate button. Font style, font size, foreground and background color can also be applied via toolbar buttons.
Alignment properties (left-aligned, centered, right-aligned, and justified) can be directly applied to the selection in Design View.