Use this:
Qualtrics.SurveyEngine.addOnload(function () {
var words = "${lm://Field/1}".split(" ");
jQuery("#"+this.questionId+" .HLTextWord").each(function(i) {
if(i < words.length) jQuery(this).text(words[i]);
else jQuery(this).hide();
});
});

Thank you so much for your response TomG, but for some reason it still does not work.
I used your code for the JS code part of a question, and the question is inside the block that has Loop and Merge, also with Field 1 as a column of desired sentences.
And here is what I see in the preview:
text of the question is there, but the sentence to highlight is not reflected.

https://community.qualtrics.com/XMcommunity/discussion/comment/49987#Comment_49987Have you set up your highlight text with the maximum number of words in your field1 sentences? For example, if your longest sentence is 5 words, your highlight text should be something like: word1 word2 word3 word4 word5

Thanks a million TomG!!! That was the issue, now it works!!