The Magpies, who are just three points above the relegation zone, started their match against Spurs positively after Joelinton opened the scoring in the 28th minute, only to see their lead snatched away from them by a Harry Kane brace.
However, Arsenal loanee Joe Willock equalised in the 85th minute and earned them a crucial point.
Newcastle legend Shearer acknowledged that Newcastle have been below par due to a severe lack of creativity and ideas in the final third this season, and feels the players and the manager Steve Bruce are equally responsible for it.
However, he was impressed with the way the Magpies fought back after trailing Spurs for a large part of the match and equalised in the latter stages of the game to earn at least a point.
He is aware that Newcastle are a part of a relegation dogfight, but hopes that things will look up for them after the performance.
“There have been many days this season when he and Newcastle have not got it right, when they have been slow and sluggish and lacked energy and ideas”, Shearer told BBC Sport.
“Everyone has to take their share of the blame when things go wrong, and Steve is no different there.
“But you always get a chance to put it right, and he and his players did that on Sunday, albeit in a small way.
“They still didn’t win, but I was impressed with the way they refused to give up and ended up getting something out of the game.
“I hope it’s just the start for them, but the reality is they are still in a relegation battle.”
Newcastle will travel to Turf Moor on Sunday and will hope to produce a similar performance to boost their survival chances this season.