Newcastle doubled their advantage 15 minutes later when Charles N'Zobia beat Wolves' trialist keeper Stefan Postma.
Wolves gave themselves a lifeline with five minutes of the first half remaining when Leon Clarke pulled a goal back with a superb solo effort.
However, despite some exerted second half pressure and with some fine goalkeeping from Magpies keeper Ben Smith, Wolves were unable to grab an equaliser.
Wolves: Postma, Little, Rafferty, Kilgour (Fitzpatrick 80), Lowe, Flynn, Ndah, Davies, Ganea, Cameron, Clarke. Unused subs: Cornes, Ikeme, Gobern, Taylor.
Newcastle: Smith, Gate, Elliott, Ramage, Edgar (Huntington 57), Clark, Brittain, N'Zogbia, Finnigan (Marshall 57), Atkin (Farman 67), O'Brien. Unused subs: Walton, Forster.