Allan Saint-Maximin volleyed in a brilliant 90th-minute equaliser as Newcastle extended their unbeaten start to four matches and kept winless Wolves in the bottom three.
Wolves thought they were going to claim their first win of the season thanks to skipper Ruben Neves' excellent first-half strike.
But Saint-Maximin had other ideas.
When Hwang Hee-chan sent his mis-timed clearance into the air, the Frenchman waited on the edge of the area before delivering the sweetest finish that gave Wolves keeper Jose Sa no chance.
In a pulsating finish, the visitors twice came close to snatching victory. First Saint-Maximin brought a fine save from Sa with a powerful shot, then substitute Elliot Anderson hit the bar with a far post header after Raul Jimenez had flicked a cross into the youngster's path.
The result was a massive blow for Wolves, who thought they had made it 2-0 nine minutes from time, only for Jimenez's close-range finish to be ruled out after a VAR intervention for a foul in the build-up.
Wolves boss Bruno Lage said, "We did a good game, the way we started and wanted to press. First half we controlled everything, especially the way Newcastle play. The way they scored the goal at the end of the game, and to be honest we deserved more the three points - it is hard. Two decisions in VAR was against us, and it is just one point.
"I will say maybe 90% of the people after watching the tackle think it is a red card - I can see the leg of Pedro Neto, it should be a red card in my opinion. Why in the other situation the referee comes and takes a decision about the goal, why not this one?"