Quickfire Stearman struck just 46 seconds into the second half to cancel out a third-minute opener from Geovanni.
Hull will be grateful to have escaped with a draw as Wolves created a hatful of chances.
Phil Brown's Hull side struggled to threaten after Geovanni's early strike and Wolves will be kicking themselves that they couldn't make their domination pay.
They would have picked up their first home win of the season but for the heroics of the Hull captain Michael Turner.
He launched himself at a close-range drive from Kevin Doyle in the 80th minute to block the shot on the line.
Wolves did well to bounce back from their nightmare start when Stephen Hunt caused chaos down the left wing. He turned Greg Halford inside out before delivering a pin-point cross that flew over the outstretched hand of goalkeeper Wayne Hennessey and was headed home from two yards by Geovanni.
Wolves did have more than enough possession to force their way back on to level terms before half-time but they lacked a cutting edge in attack - until the intervention of Stearman.
Andy Keogh headed wide when well placed before being denied by goalkeeper Boaz Myhill following a good cross from Matt Jarvis who had cashed in on a mistake by Kamil Zayatte.
Keogh, who started up front alongside his fellow Irishman Doyle for the first time, carried the main threat for Wolves.
He was again unfortunate not to capitalise on his hard work when only a last-ditch challenge by Andy Dawson kept out his close-range drive three minutes before the interval.
But Wolves did not need much time to draw level in the second half thanks to a well-worked set-piece.
Michael Mancienne's long free-kick was headed on at the edge of the area by Jody Craddock. Stearman latched on to Craddock's flick and showed the prowess of a centre forward to volley the ball past Myhill from ten yards.
Keogh then had a header saved by Myhill and Craddock headed over the bar before Turner came to Hull's rescue to earn them a share of the spoils.