Seen at first as a stationary single point of bright red light, against blue sky, then as changing colors of red, white and black

Two of us saw, at first a stationary single point of bright red light against blue sky, then as changing colors of red, white and black, as if it was falling and tumbling while stationary at the low flight level over city at 4:50 pm on 12/12/2020 to the east of our house. Then, it blinked out with no sound and no trail.
We saw and heard a plane, coming from the west, go over to the same low flight level spot in the sky, three to five minutes later.