Wolves dominated the early chances, but it was the visitors who took a first-half lead through Nikica Jelavic's penalty.
A goalkeeping error from Allan McGregor then allowed James Henry to tap home an equaliser just before the hour, with neither side able to find a winner.
The Championship provided us with plenty of drama once more on Saturday, with Cardiff City's 2-2 draw at Queens Park Rangers bringing the day's fixtures to a close. Similar drama and excitement can be expected this afternoon, as two sides backed for promotion face off in the Midlands.
Moses Odubajo has been brought in for his Hull City debut, replacing Ryan Taylor in the starting lineup for the visiting side. Nikica Jelavic and Chuba Akpom are tasked with leading the line once more, with the latter scoring his first senior goal in last week's win over Huddersfield Town.
Wolves, as expected, feature Benik Afobe and Nouha Dicko in attack - arguably the finest strikeforce in the division. David Edwards, fresh on the back of signing a new deal, also starts this one as Wolves look to make it two wins from two.
Damian Martinez is also favoured in goals, meaning that he will go up against Arsenal teammate Akpom at Molineux this afternoon. Summer signing Adam Le Fondre misses out for Wolves, meanwhile, as do fellow new recruits Jed Wallace and Sheyi Ojo.
So as already mentioned, Ojo and Le Fondre both have to settle for a place on the bench, while Carl Ikeme has also been overlooked for the hosts. In terms of the visitors, Ryan Taylor drops out in the only change from last weekend's league opener, joining the likes of David Meyler, Harry Maguire and Sone Aluko among the back-ups.
Well Wolves head into this fixture on the back of that 2-1 victory over Blackburn Rovers, which came about in a controversial manner thanks to David Edwards' controversial goal. There was also a 2-1 League Cup victory over Newport County in midweek, with Afobe - the leading scorer in the top four division's last season - scoring in both games.
Wolves have been backed by many to go one better than last season and finish in the playoffs, with a top-six finish seemingly the minimum target this term. Kenny Jackett, one of the best managers outside of the Premier League, has brought in a few new faces already this summer, but he admitted earlier this week that he does not expect to make any more signings.
Hull, on the other hand, appear to still be in full swing in terms of their transfer business. The capture of Moses Odubajo from Brentford was a real coup, and his former teammate Andre Gray could also be making a move to Humberside if recent reports are to be believes.
DID YOU KNOW? Wolves attempted more passes in the Championship on the weekend than any other side (493). They come up against a Hull side who have won just one away game so far this calendar year.
PREVIOUS MEETINGS! Wolves have lost just one of their last seven fixtures at home against Hull in all competitions. City have won three of the last six league games against their opponents overall, however, so recent history suggests that this one could pretty much go either way.
Both sets of players are now out on the field, with kickoff just moments away. This should be an entertaining encounter between two sides looking to steal an early march in their league standings. Hull and Wolves are also looking to maintain their perfect starts to the campaign, but something has to give this afternoon.
CHANCE! Just moments after seeing that effort cleared off the line, Wolves come close to finding an early breakthrough once more. The ball found its way to Dicko around six yards from goal, but he skied his shot from what was a decent position.
So it is Wolves who have started the better, then, creating two openings inside the first few minutes. On that basis, this could be a long afternoon for the Hull backline.
Hull seeing a little more of the ball now, but they are still unable to really get grip of things. In fact, Wolves spring a quick counter which ends with Afobe being dispossessed in a good shooting position.
Wolves have seen 62% of the ball in the opening 11 minutes or so, going some way to underlining their dominance. The chances have dried up since those two early openings, though, which they may live to rue.
Edwards lunges in on Odubajo right on the touchline, but somehow avoids a caution. Andrew Robertson has just fired wide of goal at the end of a rare Hull attack.
Elmohamady is the latest to throw himself into challenge, in a game that certainly has an edge to it so far. Things are a lot more balanced now compared to those Wolves-dominated opening 10 minutes.
Edwards gets to the ball ahead of Dawson just inside the area, which leads to the experienced Hull defender diving in. He just about managed to pull out to avoid making any contact on his opponent.
Jelavic, with what is his first meaningful kick off the game, sends his pen right down the middle. Hull don't deserve to be leading here, but it goes to show what can happen when you don't take your chances.
SAVE! Coady's shot from 25 yards forces McGregor to push it aside to safety. In the next attacking wave, Dicko headed a superb pass into the path of Edwards, which the Welshman couldn't quite get a foot to.
So still Wolves are the side on top, even after suffering that setback five minutes ago. Coady has just tried another attempt on goal, which deflects behind for a corner.
Hull have taken a little sting out of Wolves' tail over these past few minutes, but they are still dropping far too deep. It appears to be a case of when, rather than if, the hosts will find a leveller.
Clucas, who has looked impressive since joining in the summer, fires a shot well wide of goal. Hull looking to build on their slender lead, yet they are very much second best at the moment.
Afobe and Dicko haven't seen as much of the ball as they would have liked over the past 15 minutes or so. Thirty-three minutes played at Molineux, and Nikica Jelavic's pen remains the difference.
Wolves, who attempted more passes than any other Championship side last season, are once more knocking the ball around in an attempt to work their way closer to goal. Hull soak up the pressure, before Odubajo charges down the right flank and swings in a cross which is cleared away.
Things have gone awfully quiet of late, with Wolves having to remain patient in their pursuit of an equaliser. Steve Bruce will certainly take half time right now, but his side look more settled now than at any other point in the game.
SAVE! Clucas and Elmohamady link up well down the left, with the former Chesterfield man seeing his cross turned behind for a corner. From the set piece, Huddlestone picked up a half-cleared cross and fired in a shot which Martinez was well behind to collect.
SAVE! I was a little critical of Hull in the first quarter of this contest, but they have certainly improved as a result of that Jelavic goal. Akpom wriggled free of Hause to find himself in on goal, though his chipped attempt from an acute angle was kept out by another Arsenal player in Martinez.
The half-time whistle blows, meaning that Hull retain their slender one-goal lead heading into the break. Nikica Jelavic was the man who scored the breakthrough goal from the spot, converting after Davies was nudged inside the box.
Wolves started much the brighter, creating two chances inside the opening couple of minutes. Curtis Davies had to race back to clear Afobe's poked effort off the line just moments after kickoff, before Dicko skied an effort when he really should have been testing McGregor.
Hull had been second best up until Jelavic's 22nd-minute pen, but they deserve credit for growing into things more as the half wore on. In fact, Martinez was the busier keeper in the last 10 minutes of the half, keeping out Akpom with a decent stop in particular.
Jelavic had barely had a touch of the ball prior to converting from the spot. The Croatia international did squander a half-chance in the dying embers of the half, however, as Hull continued to grow into things.
RESTART! Hull get us back underway at Molineux. Steve Bruce, despite seeing his side grow into things, will no doubt have had a few stern words to say at the break. It is the hosts who are chasing a goal, though, thanks to Jelavic's penalty.
Much like in the first half, Wanderers are really looking to get at their opponents from the off. The clear-cut chances have dried up since those early stages of the contest, though.
Afobe smashes the ball goalwards, only for Davies to get in the way of the effort in front of goal. A few Wolves players were calling for a pen, although replays show that it hit Davies clean in the chest.
A corner-kick routine fresh from the training ground culminates in Afobe's shot being blocked away. It has been a largely frustrating afternoon for the prolific forward, who has had to make do with plenty of those shots from distance.
Golbourne catches Odubajo right on the hip with what looked suspiciously like a stamp in mid-air. A real nasty one, that, which the new Hull recruit has managed to shake off.
HULL SUB: David Meyler has been introduced in place of Isaac Hayden. The experienced midfielder will provide some much-needed energy in the centre of the park.
It's an absolute howler from McGregor, who lets Dicko's right-sided cross slip right through his fingers. Credit to James Henry for not giving up on things, and he was rewarded with the simplest of tap-ins from a couple of yards out.
It really was a horror moment for Scotland international McGregor, who had the simple task of catching Dicko's cross. The experienced shot-stopper has just plucked an Edwards header out of the air, which leads to many sarcastic cheers.
CHANCE! Huddlestone's free kick dips onto the roof of the net, providing Wolves a warning that the next 30 minutes are not simply going to be one-way traffic. Wanderers are the side on top, though, as Afobe is dispossessed just before getting a shot away, while Iorfa's cross somehow makes its way through the box without a touch.
SHOT! This one is perfectly set up for these final 25 minutes, as Meyler forces Martinez into making a simple stop just moments before Dicko's strike ended in the arms of McGregor up the other end.
For what seems like the hundredth time today, a chipped pass goes right across the face of goal without a telling touch. Dicko was unable to test McGregor on this occasion, meaning we are still locked at 1-1.
OFF THE POST! Hull come within the width of the post of regaining their lead. This move was all about Jelavic, who somehow got the better of his marker on the byline to pull the ball back for Akpom. The Arsenal loanee, fresh on the back of his first senior goal last time out, was unable to guide the ball into the back of the net from six yards out.
Jelavic is a real asset at this level, as that piece of play a few moments ago underlines. This contest really could go either way at the moment, with neither side happy with a point.
Wolves are unable to find any momentum at the moment, as Hull ask a few questions of their own. This game does appear to have a third goal in it, which is likely to prove decisive at this stage.
Incidentally, this is not the only Football League fixture taking place today. Wigan are currently locked at 0-0 in their meeting with Doncaster Rovers, while Reading and Leeds lock horns in a little over an hour's time.
At Molineux, meanwhile, the two sides continue to take turns enjoying possession. The excitement has dried up over the past 10 minutes, but there is still a good feel to the contest as we head into the final stretch.
Aluko puts his fresh legs to good use by bursting through the middle. The substitute's attempted through-ball to Jelavic hit the Croatian on the back of the legs.
HULL SUB! Caluam Jahraldo-Martin replaces Sam Clucas for these final six minutes or so. Steve Bruce just looking to shore things up a little in midfield.
Huddlestone loves taking on shots from range, doesn't he?! The latest attempt, from all of 30 yards out, dips narrowly over the crossbar. Hull enjoying a good spell of possession.
That was Hull's fifth shot on target, incidentally, compared to the seven that Wolves have had so far today. Just two minutes to be added on at the end of this entertaining contest.
The points are shared at Molineux, as the two sides settle for a draw in the closing stages. The game certainly had its moments, but the final quarter was a little underwhelming compared to what we had witnessed in the hour beforehand.
Nikica Jelavic had given the Tigers a first-half lead from the penalty spot, before James Henry capitalising on a goalkeeping error to level things up. The draw ensures that Wolves and Hull remain unbeaten at this early stage of the season, with both sides expected to be battling for promotion this term.
Well that's all from me for the time being, but our live text coverage of the Premier League meeting between Crystal Palace and Arsenal is well underway right here. Reaction from Molineux will also follow shortly, so be sure to stick around.
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