NEW YORK (Reuters) - Stock index futures added to losses on Friday after a government report showed U.S. personal income tumbled unexpectedly in July and an inflation measure was at a 17-year high.

Stocks had already been modestly lower as the price of oil rose and computer maker Dell Inc (DELL.O) posted a surprisingly steep drop in quarterly earnings.

S&P 500 futures fell 3.30 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract.

Dow Jones industrial average futures slipped 17 points and Nasdaq 100 futures dipped 5.75 points.

(Reporting by Kristina Cooke; Editing by Kenneth Barry)

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