A scrappy first half saw few clear cut openings with Adam Reach shooting wide early on for the Owls and John Ruddy making a smart save from Joost van Aken’s header.
But the decisive moment of quality came from Wolves, with Neves expertly firing home a low shot from outside the box in the 34th minute.
The second half saw the hosts come out strongly to try and mount a comeback, with plenty of balls into the Wolves area, but at the other end Leo Bonatini was only inches away from a second goal.
And while Wednesday had a lot of possession and territory in the second half, there wasn't anything which overly tested John Ruddy.
The opposition against Wolves had a player sent off for the third successive game with Morgan Fox seeing red for a second booking six minutes from time.