This happens because your theme loaded the jquery library after running its code: To add a script in wordpress you need to use the function add_action('wp_enqueue_scripts' , 'function_name'). 
The example below shows how to do this using vanilla.js(javascript) only. If you need to use jquery you have to register the library with the function wp_enqueue_script().
Note that I am running the script only on pages and posts:
 is_single() && is_page(). 
You can take this excerpt but your script will run on all routes of the site. 
Add that to functions.php of the theme:
Only with vanilla.js:
if (! function_exists('mudar_span')){
    /**
     * Muda o conteúdo da tag span com a classe .label-new
     */
    function mudar_span(){
        if (is_single() && is_page()) {
            ?>                
            <script>
                function ready (fn) {
                    if (document.attachEvent ? document.readyState === "complete" : document.readyState !== "loading")
                    {
                        return fn();
                    }
                    else{
                        return document.addEventListener('DOMContentLoaded', fn);
                    }
                }
                ready(function () {
                    el = document.querySelectorAll('.label-new span');                   
                    for (let n = 0; n < el.length; n++) {
                         el[n].innerHTML = 'Novo !';  
                    }
                })
            </script>
            <?php
        }
    }
}
add_action('wp_enqueue_scripts' , 'mudar_span' );
In order to use jquery you need to make sure it is being included in the header:
Using the jquery:
wp_enqueue_script('jquery', 'https://ajax.googleapis.com/ajax/libs/jquery/2.1.1/jquery.min.js', array('jquery'), '', false);
The last attribute false determines the loading of script in the head of the website. If true the script is born in the footer.
Now you can register the script:
if (! function_exists('mudar_span_jquery')){
    /**
     * Muda o conteúdo da tag span com a classe .label-new
     */
    function mudar_span_jquery(){
        if (is_single() && is_page()) {
            ?>                
            <script>
              $(document).ready(function(){
                   $(".label-new").html("Novo!");
              });
            </script>
            <?php
        }
    }
}
add_action('wp_enqueue_scripts' , 'mudar_span_jquery' );
							
							
						 
Try it like this:
window.onload = function(){
 $(".label-new").html("Novo!");
}
– Sam