The countdown is on to this weekend's G-20 showdown between President Donald Trump and Chinese President Xi Jinping. Reports surfaced on Thursday that Xi was prepared to present terms of an agreement but that China wanted a deal with "balance."

If Wall Street strategists are to be believed, though, the summit may not amount to much. While most agree that a cease-fire is the more likely outcome, at issue is whether Trump will delay imposing more tariffs.

"With both sides expressing a desire to resume talks, we see increasing chances of some sort of 'ceasefire,' in which the two sides will agree to halt further escalation of tariffs and/or non-tariff barriers while high-level negotiations take place," Barclays said.

"The cease-fire could include a commitment to not escalate trade and technology/investment-related tensions further, with the main structural issues being left unresolved," Citi said. "Still, the China-containment strategy would likely follow, and the damage on the real economy from the tariffs-limbo is ongoing."

Wall Street has been on a tear in June, and that might actually hinder the ability of the two sides to move closer to a deal, according to Bank of America.

"We think it will be difficult to bridge the gap because the strength of US equity markets and the Fed's dovish turn have greatly reduced the pressure on the US to compromise," BofA said.

The Dow is on pace for its best June since 1938 when it gained 24.26% while the S&P is on pace for its best June since 1955 when it gained 8.23%.

Here's what the major Wall Street strategists are saying: