Enable Hover Text
Enable “Hover Text” in Zoom preferences.

Click the info button next to Hover Text and select an “Activation modifier”. The default is Command. In the screenshot below, the modifier has been changed to Control.

To test, hold down your action modifier and move the mouse. The text under the mouse should magnify.
Enable Speak Item Under the Pointer
Enable “Speak item under the pointer” in “Spoken Content” preferences.

Click the info button next to “Speak item under the pointer” and select “Only when zoomed”.

Hold down your hover text action modifier and put the cursor over some text. The text will both be magnified and spoken as long as you hold the modifier key down.
Enable Speak Selection
Enable “Speak selection” in “Spoken Content” preferences.

Click the info button next to “Speak selection” and select a “Keyboard shortcut”. The default is Option+Esc. In the screenshot below, the shortcut has been changed to Shift+Esc.

Select some text and then press your shortcut key combo. The select text will be spoken and each word will be highlighted as it reads.
Summary
If you used the default key combos, then:
- Hold down Command while moving the mouse to speak and magnify the text under the mouse pointer.
- Select text and then press Option+Esc to read that text.