Everton continued their unbeaten run, with a late Diniyar Bilyaletdinov equaliser allowing the home side to rescue a point from an otherwise tame encounter.
The young Russian's first Premier League goal found the back of the Wolves net after 89 minutes to deny Mick McCarthy's side a much needed victory, after a defensive error had allowed Kevin Doyle to grab an opener after 75 minutes.
David Moyes will doubtless be left frustrated by his side's inability to finish chances in front of goal.
Everton looked the stronger of the two sides for much of the encounter, but paid the price of being too defensive in the early stages and allowed the visitors to catch them asleep with a "route one" long ball to set up the opening goal.
The stunned home side looked to have had their enthusiasm dented immediately afterwards, but Jo's entrance in place of Louis Saha seemed to reignite the Blues attack, and it was a dangerous cross flashed across the six yard line from the on-loan striker which allowed Bilyaletdinov to drive his equaliser home.
An electric atmosphere provided a tense end to the encounter, with a late sending off infuriating the visiting fans and spurring the home side to throw every last reserve at the Wolves goal.
But it proved to be too little, too late for the home side, who will have to settle for a single point and remain mid-table.
Minute-by-Minute, as it happened:
90:00 +4 FULL TIME. A tense encounter owns with both sides sharing the spoils of a scrappy afternoon.
90:00 +2 SENT OFF. Maierhoffer picks up a second yellow card for a wreckless challenge in the Everton box. Tim Howard's retaliation seemed to warrant a booking but the American keeper seems to have avoided the eye of the referee.
90:00 The fouth official signals a minimum of four minutes added time.
88:00 GOAL! A well deserved equaliser for the home side may have just avoided an embarassment. Tim Cahill's clever pass through to Jo in a deep wide position allowed the substitute to drive a cross deep and low, which beat everyone before Diniyar Bilyaletdinov's rampaging run into the box allowed the Russian to drive hard and low into the Wolves net.
85:00 BOOKING: Wolves sub Stefan Maierhofer is booked for a wreckless challenge on Tim Cahill deep in the Everton half. A disgruntled Cahill begins to retaliate but keeps his composure and Everton settle for a free kick.
78:00 SUB: Wolves final change, Sylvain Ebans-Blake is replaced by Stefan Maierhofer.
77:00 SUB: Everton's third change, Fellaini comes on for Leon Osman.
77:00 GOAL! Completely against the run of play, a long clearance from the Wolves defence drops perfectly for Kevin Doyle, who finds himself unexpectedly one-on-one with Tim Howard. The Blues stopper takes the gamble and leaps high in anticipation of the shot, but a relaxed Doyle holds his nerve and finishes nealy underneath Howard's legs to leave the ball in the bottom right corner of the home goal.
76:00 CHANCE! Full marks for execution as Tim Cahill connects perfectly with a half-hearted clearance, but his powerful volley rises too quickly to finish in the stands.
73:00 SUB: Everton's second change of the afternoon replaces Louis Saha with Jo in a like-for-like swap at the front of the home attack.
72:00 GREAT CHANCE! Everton had about eight chances to shoot, but Louis Saha's determination to walk the ball over the goal-line saw the attack halted, as the visitors managed to get behind the ball in numbers.
69:00 BOOKING: The first name of the day goes into the referees book, as David Edwards clashes with a rampaging Leighton Baines to halt an Everton counter-attack.
66:00 SUB: Second change of the day for Mick McCarthy, who gives ex-Everton boy Segundo Castillo a run infront of the Goodison Park faithful, replacing Greg Halford.
65:00 GREAT CHANCE! Leon Osman's through-ball sets up Yakubu, who got everything right, except the finish which was ferociously powerful but fizzed past the outstretched arms of Hennessey only to connect with the advertising boarding behind the goal.
61:00 GREAT EFFORT. Louis Saha picks the ball up in space on the edge of the Wolves box. A nice side-step finds him the time to shoot and his curling strike towards the bottom right of Hennessey's goal forces a great save from the young keeper to deny the Blues the lead, at the expense of a corner.
59:00 SUB: Wolves make their first change, bringing Matt Jarvis on in place of Michael Kightly.
55:00 GREAT CHANCE! A stunning ball from Baines across the park finds Diniyar Bilyaletdinov in acres of space at the right of the Wolves box, whose decent effort is parried by Hennessey. Heitinga follows-up with a powerful strike which is blocked and falls to Osman, but the Blues winger is quickly closed down and the attack is ended.
49:00 Good spell of pressure from Everton, and David Moyes' half time swap seems to be working already. A few half-chances seems to suggest the game is swinging in the Blues' favour, and a break in the deadlock seems on the cards soon...
45:30 GREAT CHANCE! Most fans haven't even returned to their seats before Louis Saha picks up the ball in the penalty box from a Leighton Baines cross and fires a rocket of a header at Wayne Hennessey, which he just tips over the bar. Better from the home side.
45:00 Everton get the second half underway, this time attacking their favoured Gwladys Street end. Just One change at half time, and it's a popular one with the home fans as Yakubu takes the place of Tony Hibbert in an attacking swap.
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45:00 +2 HALF TIME. The end of a fairly uninspiring 45 minutes of football, and the home fans are urging boss David Moyes to change things around at half time in search of a goal.
45:00 The fouth official indicates a minimum of two added minutes.
42:00 CHANCE! A goal-mouth scramble from Wolves results in a delicately placed effort towards the bottom-left of Tim Howards goal. The American seemed to know little about it, but the ball found the wrong side of the post and Everton are fortunate to be let off.
41:00 Louis Saha is offered what should have been a golden opportunity in acres of space and free to run towards the goal mouth, but the Frenchman appears shocked at the lack of an offside flag and wastes too much time, allowing Christophe Berra the chance to track back and cover the danger.
40:00 It's difficult to see either side breaking deadlock before half-time, and it's been a story of missed opportunities going into the break.
38:00 Wasted opportunity after a nicely worked passing move allows the home side to make ground towards the Park End goal, but a totally misplaced pass from Tony Hibbert gifts the ball back to Wayne Hennessey for a goal kick.
32:00 Rodwell springs into action with a driving run from the midfield, giving the home fans something to cheer about after a slow period, but his cross towards a waiting Tim Cahill is tipped away by Hennessey and gathered by the left back who clears.
29:00 It's been a quiet ten minutes but finally a chance, and its the visitors who trouble Tim Howard. Kevin Doyle's effort on the turn forced an attractive dive from the Blues keeper low to his right to keep the game level.
19:00 Leighton Baines free kick from a wide position mid-way into the Wolves half finds Sylvain Distin's head on the edge of the penalty area, but his glancing header doesn't trouble Hennessey and Wolves have the ball back for a goal kick. Promising start from the home side.
15:00 GREAT CHANCE! A speculative long-ball up from defence drops beautifully for Louis Saha, who almost couldn't believe his luck. The Frenchman's lay-off to a rampaging Tim Cahill couldn't have been better placed, but the over-eager Aussie allowed the moment to get the better of him and his powerful strike rose to quickly to clear the Wolves crossbar by six inches.
10:00 The away support are up in arms claiming a penalty after John Heitinga steps forcefully into Kevin Doyle, but referee Mr Attwell is having none of it, and Hibbert clears the ball upfield into open play.
7:00 The first real chance of the game ensues as Bilyaletdinov picks up the ball in open play and quickly sprints upfield, with Leon Osman lending support to his right. An overlapping Tony Hibbert swings a dangerous looking cross into the Wolves box, but Wayne Hennessey is equal to it and gathers the ball comfortably above Tim Cahill's head.
3:00 A slightly scrappy exchange lands fortunately for Louis Saha as he finds space wide inside the Wolves box, but his cross is parried and an offside flag against Tim Cahill hands the ball back to the visiting keeper.
0:00 Kick-off. Wolves get proceedings underway, attacking the Gwladys Street end in the first half.
It's a familiar looking 4-5-1 formation from the home side, David Moyes opting for the system which served him so well last season, spearheaded by the in-form Louis Saha. Mick McCarthy sticks with a traditional 4-4-2, knowing three points away from home today could be just what the doctor ordered in order to kick-start his side's season.
Team news:
Everton: 24 Tim Howard, 2 Tony Hibbert, 3 Leighton Baines, 4 Joseph Yobo (c), 5 John Heitinga, 7 Diniyar Bilyaletdinov, 8 Louis Saha, 17 Tim Cahill, 21 Leon Osman, 26 Jack Rodwell. Subs: 1 Carlo Nash, 11 Jo, 19 Dan Gosling, 22 Yakubu, 23 Lucas Neill, 25 Marouanne Fellaini, 31 Seamus Coleman.
Wolves: 1 Wayne Hennessey, 3 George Elokobi, 4 David Edwards, 6 Jody Craddock, 7 Michael Kightly, 8 Karl Henry (c), 9 Sylvain Ebans-Blake, 15 Greg Halford, 16 Chrisophe Berra, 23 Ronald Zubar, 29 Kevin Doyle. Subs: 13 Marcus Hahnemann, 5 Richard Stearman, 10 Andrew Keogh, 17 Matthew Jarvis, 20 Nenad Milijas, 33 Stefan Maierofer, 35 Segundo Castillo.
Everton welcome Wolverhampton Wanderers to Goodison Park today and Click Liverpool has just set up base in the press box to bring you live match updates.
On what is shaping up to be a pleasant autumn afternoon here on Merseyside we'll be publishing minute-by-minute updates throughout the game and our photographers are by pitch side to upload the best and quickest action shots.
It may only be early days but Wolves are hovering precariously over the drop zone, only staying out of the bottom three on goal difference.
The Blues however are suffering serious injury problems.
Mikel Arteta, Phil Neville, Victor Anichebe and Phil Jagielka are all still sidelined. Manager David Moyes however looks set to welcome back Marouanne Fellaini who pulled out of international duty earlier this week.
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