As for the effect of moving masses, that kind of "drags" space-time along with it. And rotating masses do as well. In the case of rotating masses that's called https://en.wikipedia.org/wiki/Lense%E2%80%93Thirring_precess... and was what Gravity Probe B was measuring.
As for the light, you can solve the mystery as follows. Go to the reference frame in which the light is just all pouring into one spot. In that spot photons are meeting photons and creating a sea of pairs of particles - and now it is obvious that a black hole could be made.