When you have a text layer selected you will notice that the inspector has changed to show you all the properties that apply to text.
Below the standard layer properties there’s the area for Shared Text Styles.
Below that you can pick the font and weight. By pressing the button with the cogwheel, you can access list options and decorations such as underline and strikethrough. A little bit below there there’s spacing; Character (kerning), Line (spaces between lines) and Paragraph (the space between hard returns).
When you’re editing text, you can apply specific colors to subrange of the the text. You can do so using the little Color box between the font size and the text options button.
You can also apply a general fill style to the text layer, such as a gradient. However, any fill applied here will apply to the entire text layer and it will override anything you set in the color box above it.
Note that to render gradients on text, we have to convert it to a vector shape under the hood and this will cause it to lose its sub-pixel anti-aliasing.
Auto vs Fixed
The Width property (under the alignment) can be set to either Auto or Fixed. When it is set to Auto, the text box’s width will expand as wide as possible to fit the text you entered. When it is set to Fixed, it’ll wrap the text to its current width and instead expand below instead.