Large Hovering Fireball

We saw a shimmering fireball in the sky making a diagonal motion. It looked like it was on fire. Then it hovered in one spot, perfectly still, for 30 to 40 seconds without moving, but it was still flashing as if it was on fire. Then it dropped straight down toward the ground, and the light went out and then flickered back for a minute while it was still falling and then went completely out. It was shaped like a diamond or like an hourglass. It looked large compared to planes we usually see in the sky. It was flashing a yellow-orange color, like fire. But if it was an aircraft on fire, it could not have paused and hovered in the sky for that long. It was completely silent. It was against a dark night sky with only a few stars.