The home fans at St James' Park had hoped the return of the iconic former striker as manager would help to reinvigorate a club desperate to escape the relegation zone.
But though his side failed to take points from the game, Shearer was pleased about the performance of his team on his managerial debut.
"My players gave me fantastic effort as I knew they would and we're going to need every ounce of that between now and the end of the season," he said.
"There'll be no pointing fingers at anyone, we're in this together and we'll be united in the dressing room.
"Results-wise, other teams' (situations) have gone against us as well, so we know we are in a fight and we will give it a fight."
Despite the baptism of fire, the 39-year-old added that his first game in the management hot-seat had been a good experience.
"I enjoyed it, I'm putting a brave face on as I'm very disappointed, but I enjoyed the build up (to the match) and would have enjoyed (the day) a hell of a lot more if we had a point or three."
Newcastle were denied a consolation goal late in the game from Michael Owen, who protested his cleared shot had crossed the line and should have counted.
"But I am sure that in spite of the defeat today, this team will recover, as they showed in parts of the second half.
"Normally when you are 2-0 down and you are in the bottom three of the league, morale is going down. But it was not there to see in Newcastle's game and that is a good foundation for gathering points in the future."
Speaking on BBC Radio 5 Live's Sportsweek, Shearer reiterated that his managerial reign at Newcastle would only last until the end of the season.
"Let's not forget Joe Kinnear, who is recovering at home and doing well - he'll come back," he said.
"I've been asked to take over for eight games and that's the club's intention and to keep the club in the Premier League.
"You can never tell what will happen in the future but I'll be back on Match of the Day next year. Some will be pleased, some won't!"
"We have to get our first win and see where that gets us."