United took the lead inside two minutes through Carl Finnigan, and Charles N'Zogbia scored on 17 minutes. The youngster (pictured left) told Graeme Souness last week he was the man if the manager was looking for a partner for Alan Shearer, but gave away the penalty at Highbury, just minutes after taking to the field as substitute.
Wolves pulled a goal back through Leon Clarke four minutes before the break, and Wolves striker Mark Davies almost grabbed the equaliser but he hit the bar.
Newcastle increased their lead when N'Zogbia picked up a pass from Liam Atkin and cut inside before curling a shot past goalkeeper Stefan Postma.
Wolves broke quickly after a Newcastle corner, and when Cameron set Clarke away with a diagonal ball, he advanced before firing past Smith.
WOLVES: Postma; Little, Rafferty, Kilgour (Fitzpatrick 79), Lowe, Flynn, Ndah, Davies, Ganea, Cameron, Clarke. Subs (not used): Cornes, Ikeme, Gobern, Taylor.
NEWCASTLE: Smith; Gate, Elliott, Ramage, Edgar (Huntington 55), Clark, Brittain, N'Zogbia, Finnigan (Marshall 55), Atkin (Farman 67), O'Brien. Subs (not used): Walton, Forster.